JUDGMENT

Vibhu Bakhru, J. The petitioners have filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the `A&C Act'` impugning an arbitral award dated 26.10.2020 rendered by an Arbitral Tribunal constituted by a Sole Arbitrator, Justice (Retd.) Dr Mukundakam Sharma, a former Judge of the Supreme Court of India. The arbitration was conducted under the aegis of Delhi International Arbitration Centre (DIAC) and its Rules.

2. Petitioner no.1 (hereinafter `Megha') is a partnership firm and petitioner nos. 2 to 5 are its constituent partners. Megha is, inter alia, engaged, in the business of trading Crude Palm Oil (edible grade). The subject disputes arise out of two agreements dated 02.02.2013 and 25.02.2013, which were entered into between Megha and M/s Coral Products Pvt. Ltd. (hereinafter `Coral') for sale and purchase of Crude Palm Oil on a High Seas Sale Basis. In terms of the agreement dated 02.02.2013, Coral agreed to sell 1470 MT of Crude Palm Oil of Indonesian origin on board the vessel, MT. Prosperity V.01/13, with Kakinada as the port of delivery, at the rate of Rs.46,600/- per MT. In terms of the Agreement dated 25.02.2013, Cor