VIBHU BAKHRU, J.

1. MMTC Ltd. has filed this petition under Section 34 of the Arbitration & Conciliation Act,1996 (hereafter 'the Act') , inter alia, praying that the award dated 14.04.2016 (hereafter the 'impugned award') passed by the Arbitral Tribunal comprising of Justice S.K. Mahajan (Retired), Justice S.N. Sapra (Retired) and Ms Justice Rekha Sharma (Retired) be set aside.

2. By the impugned award, the claims made by the petitioner (hereafter 'MMTC') against the respondents for an aggregate sum of Rs. 1,52,34,218.30/- were rejected.

3. MMTC is the Government of India undertaking and is, inter alia, engaged in the business of importing and exporting minerals and metals. MMTC has been assisting entrepreneurs inter alia in exporting gold and other jewellery items made of precious metals by rendering financial assistance under various schemes.

4. It is stated that the MMTC sanctioned and granted Packing Credit Facilities for pre and post shipment to respondent no. 1, M/s New Sialkoti Jewellers (hereafter 'NSJ'), for an amount of Rs. 25 lakhs which was later enhanced to Rs. 1 crore. In connection with the aforesaid facility, respondent Nos. 2 to 4 (the constituent partners o