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Facts, in brief, of the present case as submitted by learned counsel for the appellants are that on 10.12.1987 the Bharat Petroleum Corporation Limited (hereinafter referred to as ''BPCL') issued a letter of intent to Shri Moti Lal and Shri Virendra Kumar for appointing them as Bharat Gas Distributorship at Unnao.

On 02.02.1989, an agreement for awarding distributorship has been entered between the BPCL and Maruti Gas Service, which is a partnership firm between Shri Moti Lal and Shri Virendra Kumar.

On 14.02.2005, BPCL has issued a notice to the firm/Maruti stating therein that Motial Lal and Virendra Kumar (partners of Maruti) had signed a Power of Attorney in 1993 in favour of one Mr. Jaiswal for managing the affairs of the distributorship, who in terms of the Power of Attorney, had authorized Shri Suresh Chand Mishra to run day to day affairs of the distributorship, entered into a partnership deed with Shri Mishra on 31.03.1993.

In the show cause notice, BPCL also mentioned about some shortcomings such as not running the distributorship satisfactorily, not depositing the amounts collected from customers, etc. were pointed out.

On 22.02.2005, the appellants submitted reply to the show cause notice denying the allegations made by BPCL.

By an order dated 13.04.2005, the BPCL terminated the distributorship as per the terms of agreement, on 08.11.2005 referred the dispute for arbitration and Shri P.S. Bhargava was appointed as sole Arbitrator.

Before learned Sole Arbitrator, the arbitration proceedings has been initiated under Section 34 of the Act, 1996 between the parties.

By an award dated 26.09.2006, dismissed the claim of the appellants/objectors.

(v) Where the parties have deliberately specified the amount of compensation in express terms, the party who has suffered by such breach can only claim the sum specified in the contract and not in excess thereof. In other words, no award of compensation in case of breach of contract, if named or specified in the contract, could be awarded in excess thereof.

(vi) If the conclusion of the arbitrator is based on a possible view of the matter, the court should not interfere with the award.

Reverting to the facts of the present case, on 10.12.1987, the BPCL issued a letter of intent to Moti Lal and Virendra Kumar for appointing them as Bharat Gas Distributor at Unnao. Thereafter Moti Lal and Virendra Kumar formed a partnership firm in the name of Maruti Gas Service. An agreement dated 02.02.1989 has been entered between Maruti and BPCL by which Bharat Gas Distributorship was awarded to him. The terms of the said agreement is binding upon the parties.