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2. The petitioner was the original respondent in the statement of claim and was claimant to the counter claim before the arbitral tribunal. The respondent herein was the original claimant to the statement of claim and original respondent to the counter claim before the arbitral tribunal.
3. On or about 23rd October 1992, the petitioner and the respondent entered into an agreement by which the respondent awarded job of its 'Information Technology Upgrade Project' comprising of (i) Project Management, (ii) Software Development and Implementation,
(iii)Networking Services, and (iv) Training and Implementation Support (for short 'the said Technology Upgrade Project') for the consideration and on the terms and conditions contained in the Agreement dated 23 rd October 1992.
4. It is the case of the petitioner that as per Agreement dated 23rd October 1992, the parties met along with their consultants to discuss the SRS of the Application Groups. Thereafter, the petitioner sent the SRS for the modules AG-1 to AG-5. By its letter dated 19 th April 1994, the respondent confirmed the receipt and acceptance of SRS of the modules AG-1A,AG-1B, AG-2, AG-3, Ag-5 and requested that any observations put forth during the design review by the external ppn 3 arbp-275.12 (j).doc experts should be taken congnizance of by the petitioner in the Application Software.

52. The petitioner was awarded the job of "Technology Upgrade Project of UTI" of the respondent comprising of project management software development, networking, training and implementation support on the terms and conditions recorded in the said agreement. Under clause ppn 29 arbp-275.12 (j).doc 1.5 of the contract, "Application Group" has been defined. According to the said definition, the application group shall mean each individual system as described under Annexure - II to be developed by the petitioner relating to four groups. Insofar as the dispute which is the subject matter of these proceedings are concerned, it relates to application group 2 (AG-2). Under the heading "Application Group 2" it is provided as under :-