VIBHU BAKHRU, J

1. OSS Air Management Pvt. Ltd. (hereafter ‘OSS’) has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter ‘the Act’) for setting aside the arbitral award dated 03.06.2016 (hereafter ‘the impugned award’).

2. The impugned award was rendered in the context of disputes that had arisen between the parties in connection with the Agreement dated 07.12.2010 (hereafter 'the Agreement') entered into between the parties whereby Raj Aviation acting through the respondent agreed to sell two MI172 helicopters to OSS. Although, the Agreement reflects that it is executed by the respondent as a managing director of “Raj Aviation”, it is admitted that Raj Aviation is a sole proprietorship concern of the respondent.

3. In terms of the Agreement, OSS paid 2% of the contract price amounting to approximately Rs.1,06,72,000/-as initial advance. It is OSS’s case that the respondent failed to perform his obligations under the Agreement. Consequently, OSS terminated the Agreement on 03.06.2011 and called upon the respondent to refund the amount of Rs.1,06,72,000/-. OSS further claimed a sum of Rs.53,36,000/-as loss suffered on account