JUDGMENT

Subramonium Prasad, J. - The present appeal under Section 37 of the Arbitration and Conciliation Act, 1966 (hereinafter referred to as the 'Arbitration Act') has been preferred by Canara Bank against the Order and Judgment dated 21.12.2021 passed by the Ld. Single Judge in OMP (COMM) 376/2016 dismissing the application filed by Canara Bank under Section 34(4) of the Arbitration Act (hereinafter referred to as the 'Impugned Order'), and also setting aside the majority award of the Arbitral Tribunal dated 29.04.2016 to the extent that nil amount was awarded as interest to Canara Bank (hereinafter referred to as the 'Impugned Judgment').

2. The facts of the case indicate that back in 2008, Helm Dungemittel GMBH ('Helm') entered into a contract to supply 3 lakh tonnes of urea @ 685.50 per metric tonne ('Contract') to the State Trading Corporation of India ('STC'). Clause 13 of the Contract called for Helm to furnish an irrevocable performance bank guarantee in favour of STC, for 3% of the total contract value, through any first-class international bank having its branch office in New Delhi (hereinafter referred to as 'PBG'). Since Helm's banker (hereinafter referred to as the 'G