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 challenging the Arbitral Award dated 30.04.2018 passed by the Arbitral Tribunal consisting of three Arbitrators adjudicating the disputes that have arisen between the parties in relation to the Contract dated 07.08.2009 executed between the parties, where under the respondent was to supply plants, Equipments and Mandatory Spares from abroad on CIF-India Port of Entry basis and from Ex-works (India) basis for Electro-Mechanical Package of Jorethang Loop Hydro Electric Project, Sikkim being set up by the petitioner.

2. Admittedly the Contract envisaged that the respondent should supply the goods and products manufactured by it or Bought Out Product (BOP). The BOP items/materials were those that were procured by the respondent from the sub-contractor(s) approved by the petitioner and consigned directly to the petitioner. The dispute between the parties was as to whether the petitioner is liable to reimburse the Excise Duty/Central Sales Tax (CST) on such BOP items/materials.

3. It was admitted between the parties that the petit