JUDGMENT

VIBHU BAKHRU, J

1. Oriental Insurance Co. Ltd. (hereinafter ‘OICL’) has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1966 (hereinafter the ‘A&C Act’), inter alia, impugning an Arbitral Award dated 28.08.2020 (hereafter the ‘impugned award’) passed by the Arbitral Tribunal constituted of Justice (Retd.) Kurian Joseph, a former judge of the Supreme Court of India as the sole arbitrator. The impugned award was rendered in the context of disputes relating to the insurance claims made by the respondent (hereinafter ‘AFPL’) under the insurance policy issued by OICL.

2. AFPL is a company engaged in the business of manufacture of footwear. AFPL had a valid “Standard Fire and Special Perils Policy (bearing policy number 510000/11/2018/483 with period of insurance commencing from 00:00 on 25.10.2017 to the midnight of 24.10.2018 – hereafter the ‘Policy’). In terms of the Policy, AIPL was insured against the specified risks for a sum of Rs.9,70,00,000.

3. On 09.12.2017, a fire broke out in AFPL’s manufacturing plant (bearing Plot No. 213, HSIID