JUDGMENT

Prateek Jalan, J. (Oral) - The petitioner-Bihar State Backward Classes Finance and Development Corporation assails an arbitral Award dated 18.11.2019, passed apparently upon consent of the parties.

A. Facts

2. The petitioner had taken financial assistance from respondent No. 1-National Backward Classes Finance and Development Corporation, under a General Loan Agreement dated 20.03.1993 ["the Agreement"]. Upon the petitioner's inability to repay the amount, arbitral proceedings were instituted by respondent No. 1, in terms of an arbitration clause contained in the Agreement.

3. The learned Arbitrator has passed the impugned Award on consent, in terms of a One Time Settlement ["OTS"] proposal given by respondent No.1 on 30.01.2019, relying upon a resolution of the petitioner's Board of Directors, dated 15.11.2019.

B. Submissions of learned counsel

4. Mr. Ajay Kumar, learned counsel for the petitioner, submits that the impugned Award is assailed principally on two grounds:

a. That the learned Arbitrator was unilaterally appointed by respondent No. 1, rendering the Award a nullity, and

b. That the learned Arbitrator has erred in inferring consent of the petitioner from the Board resol