Manmohan Singh, J.

1. The present petition has been filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the Act”) seeking setting aside of the Arbitral Award dated 1st August, 2012 passed by the Arbitral Tribunal of quorum comprising three arbitrators.

2. Brief facts of the present case are that the petitioner is a Company duly incorporated under the Companies Act, 1956 and having its registered office at IFFCO Tokio General Insurance Co. Ltd., IFFCO Sadan, C-1, District Centre, Saket, New Delhi-110017. The respondent is Indorama Synthetics India Ltd., a company having its registered office at Nagpur, Maharashtra and Corporate office at Gurgaon, Haryana. The respondent manufactures Polyester Staple Fibre, Partially Oriented Yarn, Fully Drayn Yarn, Draw Texturized Yarn and Polyester Chips. The petitioner’s Nagpur branch issued to respondent a Fire Loss of Profit Policy (Policy No.11171258 dated 28th February, 2007 – hereinafter referred to as the (“LOP Policy”) and a Standard Fire and Special Perils Policy