JUDGMENT

Vibhu Bakhru, J. - Steel Authority of India Limited (hereinafter 'SAIL'), a company incorporated under the Companies Act, 1956, has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the 'A&C Act') impugning an arbitral award dated 01.05.2020 (hereinafter 'the impugned award') delivered by the Arbitral Tribunal comprising of three arbitrators.

2. The impugned award has been rendered in the context of disputes that have arisen between the parties in relation to a Contract Agreement dated 16.03.2009 (hereinafter 'the Agreement').

3. By the impugned award, the Arbitral Tribunal accepted the claims preferred by the respondent in part and entered an award of Rs.15,90,14,025/- in its favour. The Tribunal allowed interest at the current rate of interest in accordance of the Interest Act, 1978 on the amount due to the respondent and; post award interest at the current rate of interest (as per the Interest Act, 1978) plus 2%, with effect from ninety days after 01.05.2010, on the amount payable to the respondent.

4. Briefly stated,