NAVIN CHAWLA, J.

1. This petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) challenging the Arbitral Award dated 25.06.2015 passed by the Sole Arbitrator adjudicating the disputes that have arisen between the parties in relation to the Loan Agreement dated 30.08.2000 and the Supplementary Agreement dated 05.05.2005 executed between the parties.

2. The respondent/Technology Development Board has been constituted by the Government of India under the provisions of the Technology Development Board Act, 1995 for assisting and disbursing loan to the Companies/Organizations engaged in development and commercialization of indigenous technology and adaptation of imported technologies for wider domestic applications.

3. By the Loan Agreement dated 30.08.2000 the respondent granted a loan assistance of Rs. 850 lakhs against the project cost of Rs. 1750.11 lakhs under Phase-I and Rs. 525 lakhs against the project cost of Rs. 1049.45 lakhs under Phase-II to the petitioner for implementing the two phases of the Project of Development and Commercialization of Technology in Radiation Therapy and Allied Sciences by the