JUDGMENT

Chandra Dhari Singh, J.

1. The instant petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter "the Act") has been filed on behalf of the petitioner seeking the following reliefs:

"(i) Set aside the Award dated 14th October, 2020 passed by the Hon'ble Arbitral Tribunal comprising of Justice (Retd.) A. K. Sikri (Presiding Arbitrator), Justice(Retd.) Usha Mehra (Co-Arbitrator) and Mr. Gopal Jain (Co-Arbitrator) in the matter of arbitration GE Power India Ltd and Shiga Energy Pvt. Ltd.

(ii) Grant a Stay on the operation/execution/enforcement of the impugned arbitral award.

(iii) Pass such other/further order(s) as this Hon'ble Court may deem fit and proper in the facts and circumstances of the present case."

FACTUAL MATRIX

2. The petitioner, Shiga Energy is a private limited company incorporated under the laws of India, having its Registered Office at 207, Chiranjeev Tower, 43 Nehru Place, New Delhi. The petitioner operates as hydro energy generating company. The company specializes in the generation, distribution, management, construction and transmission of hydro-electric power project. The respondent, GE Power (erstwhile Alstom Projects India Ltd. and thereafter Alstom India Ltd.), is a Limited Company, inter alia, engaged in the business of manufacture and supply of Hydro Turbines, Generator, Electro-Mechanical equipment and parts thereof and has its manufacturing unit situated at ERDA Road, Maneja,Vadodara 13, Gujarat. The respondent regularly bids for various power projects in India as well as outside India for supply of plants, equipment, parts, etc. for such projects.

3. The petitioner is a Special Purpose Vehicle for the implementation of Tashiding Hydro Electric Power Project (THEP) located in West Sikkim. The petitioner, after floating tender and inviting bids from various contractors, in which respondent had also participated and succeeded, awarded the contract to the respondent. Accordingly, the Contract Agreement dated 21st May, 2010 was entered into between the parties whereby respondent was engaged for supply of plants, equipment and mandatory spares from abroad on C.I.F.-Indian Port Entry basis and from Ex-Works (India) basis for Electro-Mechanical Package for Tashiding Hydro Electric Project, Sikkim, India.

4. The contract has been duly executed and there are no disputes in respect thereof. The dispute, however, which has arisen between the parties pertains to the payment on account of Excise Duty and Central Sales Tax (CST). The contract stipulated that all applicable taxes and duties will be paid/reimbursed by the respondent to the claimant at actual.

5. The petitioner, in order to execute the aforesaid contract, had manufactured certain items/components of plants, equipments etc. of its own and some such equipments were got manufactured from third parties/sub-contractors, which the claimant was authorised to do as per the contract. The petitioner had reimbursed the respondent's Excise Duty and CST which had been paid by the respondent on the goods manufactured by it and supplied to the petitioner. However, for the goods which were got manufactured from the third parties, known as Bought Out Products (BOP) i.e., materials, parts and equipments, etc. procured for the project by the claimant from the approved sub-contractors, the petitioner refused to reimburse the Excise Duty and CST on the ground that in terms of the contract, the petitioner was under obligation to reimburse t