JUDGMENT

Jyoti Singh, J. - This petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the `1996 Act') on behalf of the Petitioner, laying a challenge to the arbitral award dated 11.07.2022 and additional award dated 31.08.2022 passed by the learned Sole Arbitrator whereby an amount of Rs.1,95,48,107/- has been awarded in favour of the Respondent including pendente lite interest till the date of filing of the instant petition on 28.11.2022. Petitioner herein was the Respondent and Respondent herein was the Claimant before the Arbitrator and parties are hereinafter referred to by their litigating status before this Court for the sake of convenience.

2. Factual matrix to the extent relevant for adjudication of this petition is that Petitioner was incorporated on 09.09.2008 under the Companies Act, 1956 in the name of `Prime Electric Limited' by Mr. Surinder Mehta and Mr. Rohan Mehta as a subsidiary of the Respondent Company and a part of the Prime Group. Both were also appointed as Directors on the Board of the then Petitioner Company. The name `Prime Electric Limited' was later changed to `Prime Meiden Limited' on 22.05.2014