VIBHU BAKHRU, J.

1. The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act'), inter alia, impugning the arbitral award dated 29.07.2015 (hereafter 'the impugned award') delivered by the Arbitral Tribunal constituted by a sole arbitrator, namely, Sh. Ramesh Chandra Jindal (hereafter 'the Arbitral Tribunal'). The impugned award was rendered in the context of disputes that had arisen between the parties in relation to the contract for execution of the work of Project Management Consultancy services (PMC) for LPG import/export terminal at Ennore, Tamil Nadu.

2. By the impugned award, the Arbitral Tribunal has rejected all the claims of the petitioner and counter claims of the respondent (hereafter 'IPPL'). Apparently, the Arbitral Tribunal accepted that a sum of Rs. 52,43,500/- recovered by IPPL by invoking the bank guarantee furnished by the petitioner, was due to the petitioner; but, it did not direct the refund of the said amount, as it accepted that an amount of Rs. 55,00,000/- was due to IPPL for completing the work through an alternate agency, namely, M/s Firecon. Even though, IPPL had not made any