JUDGMENT

Vibhu Bakhru, J. - Steel Authority of India Limited (hereafter 'SAIL') 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 02.11.2020 (hereafter 'the impugned award') delivered by the Arbitral Tribunal comprising of three arbitrators [Justice (Retd.) V.K. Gupta, former Chief Justice of Uttarakhand High Court, Sh. R.P. Singh, Director (HR & Legal), IIFCO and Justice (Retd.) Madan B. Lokur, former judge of the Supreme Court of India as the Presiding Arbitrator].

2. The respondent (hereafter 'JOPL') is a company incorporated in Singapore and was the claimant before Arbitral Tribunal. SAIL is a Public Sector Enterprise, inter alia, engaged in manufacture of steel. The arbitration between the parties was an international commercial arbitration within the meaning of Section 2(1)(f) of the A&C Act. It was conducted under the aegis of Delhi International Arbitration Centre (DIAC) and in accordance with its Rules.

3. Jopl is engaged in the business of maritime logistics including vessel operations and chartering.

4. The disputes between the parties arose in connection with a Contract o