The Petitioner (original Respondent) has challenged an award of Arbitral Tribunal, consisting of three members under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act). The challenge is to the majority award of two members and also the minority award, both dated 27 July 2009.

2 The summary of majority award is as under:-

“VII SUMMARY OF AWARD:

Our award is summarised as set out hereafter –

1. Claim warded Rs. 56,48,106

2. Costs awarded " 13,50,265

3. Interest awarded " 21,96,675

Total Award Rs. 91,95,046

VIII NIA is directed to pay the total award of Rs.91,95,046/-(Rupees Ninety One Lakhs Ninety Five Thousand Forty Six Only) before 31st August 2009. If NIA fail to do so, simple Interest @ 18% per annum on the full amount of the award of Rs.91,95,046/-from 28th July 2009 till the date of final payment, will be applicable and shall be paid by NIA as per Subsection 7(b) of Section 31 of the Arbitration and Conciliation Act (as amended).

As stated earlier, as regards the APPTL'S customers' cloth stocks, there are considered to be in APPTL'S trust and are deemed to be covered under the Policy. There is no provision in the policy