JUDGMENT :

1. By this Arbitration Petition, the Petitioner is seeking setting aside of the impugned Award dated 6th June, 2022.

2. A brief background of facts which are germane to the issue arising in the Arbitration Petition filed under Section 34 of the ARBITRATION ACT are necessary to be adverted to and which are as under:

(i) An Agreement dated 29th November, 2011 was executed between the Petitioner and Respondent for purchase of salvage material from project site for a lump sum consideration of Rs.1,95,00,000/-. The Petitioner had admittedly paid the sum of Rs.51,38,000/- to the Respondent as Security Deposit which was to be adjusted against the salvage material to be delivered by the Respondent to the Petitioner. The Agreement was valid from 29th November, 2011 upto December 2014. It is necessary to note that the Respondent failed to supply any salvage material to the Petitioner.

(ii) On 1st January, 2016, the Petitioner through his Advocate issued a legal notice to the Respondent calling upon the Respondent to refund the deposit amount of Rs.51,38,000/- alongwith interest.

(iii) The Respondent through its Advocate issued a Notice dated 15th January, 2016 refusing to refund the