1. This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the ‘Act’) has been filed by the petitioner M/s Lifelong Meditech (P) Ltd. challenging the Arbitral Award dated 16.09.2016 passed by the Sole Arbitrator in case reference No.DAC/935/04/15.

2. The dispute between the parties has arisen out of a Comprehensive Standard Fire & Special Perils Policy No.041100/11/12/11/00000021 for a sum of Rs. 40,61,03,196/- taken by the petitioner from the respondent. The policy was valid from 01.04.2012 to 31.03.2013. Another policy covering stocks i.e. Floater Policy No. 041100/11/12/13/00000018 valid from 01.04.2012 to 31.03.2013 for a total sum of Rs.13 crores was also taken by the petitioner from the respondent.

3. A fire took place in the factory premises of the petitioner on 27.05.2012. On intimation of the same to the respondent, the respondent appointed M/s Sandeep Bharti Insurance Surveyors and Mr. P.R. Ramanathan as Surveyors.

4. A claim of Rs.41,78,43,286/- was lodged by the petitioner with the surveyors. The surveyors submitted an interim survey report dated 03.11.2012 based on which the respondent released an “on account paym