JUDGMENT :

VIBHU BAKHRU, J

1. The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter the ‘A&C Act’) impugning an arbitral award dated 03.11.2017 (hereafter the ‘impugned award’) passed by the Arbitral Tribunal comprising of three arbitrators.

2. The impugned award was rendered in the context of disputes that had arisen between the parties in respect of an insurance claim made by the respondent company in terms of the Standard Fire and Special Peril Policy issued by the petitioner.

3. The respondent is a company and is, inter alia, engaged in the business of manufacturing various types of footwear. It has two manufacturing units; one at A-9, Mayapuri Industrial Area, Phase-II, New Delhi and the other at village Moginand, Kala Amb, Nahan Road, District Sirmour, H.P.

4. The respondent had purchased a Standard Fire and Special Perils Policy bearing no. 215502/11/2008/293 (hereafter ‘the Policy’) from the petitioner, for an assured sum of Rs.24,25,00,000/-, which was increased to Rs.27,25,00,000/- with effect from 30.06.2008, in respect of its manufacturing unit at village Moginand, for the period from 20.03.2008 to 19.03.2009.