JUDGMENT :

VIBHU BAKHRU, J

1. The parties have filed these petitions impugning an arbitral award dated 15.03.2021 delivered by an Arbitral Tribunal comprised of three arbitrators (‘the Arbitral Tribunal’).

2. The impugned award was rendered in the context of disputes that have arisen between the parties in connection with the contract whereby Kone Elevator India Private Limited (hereafter ‘Kone’) had agreed to supply, install and commission elevators, and Delhi Metro Rail Corporation (hereafter ‘DMRC’) had agreed to purchase the same.

The Factual Context

3. In December 2012, DMRC had issued a notice inviting tenders for supply and installation of elevators. Kone had participated in the tendering process pursuant to the aforesaid notice and was successful in securing the contract. The parties entered into a ‘Contract Agreement CE-3-LOT-1’ dated 23.01.2013 (hereafter ‘the Contract Agreement’) whereby Kone agreed to design, manufacture, supply, install, test and commission 143 numbers of heavy duty machine room-less elevators for Delhi MRTS Project Phase III for an aggregate price of Rs.54,50,64,298/-.

4. In terms of the Special Conditions of Contract (SCC) as applicable to the Contract Agr