JUDGMENT

[VIA VIDEO CONFERENCING]

Sanjeev Narula, J. (Oral):--The present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (in short `the Act') assails the award dated 22nd May, 2020 whereby the learned Sole Arbitrator, has inter alia rejected all the counter-claims of the Petitioner- Technofab Engineering Limited (in short `TEL') and awarded an amount of Rs. 1,87,17,280/-, along with pre- reference, pendente-lite and future interest @ 9% towards the refund of unlawfully encashed Contract Performance Bank Guarantees (in short `CPBGs'), in favour of the Respondent- Tesla Transformers Limited (in short `TTL').

The Dispute

2. The brief facts, which led the parties to arbitration are as follows:

2.1. TEL entered into five separate contracts with the Power Grid Corporation of India Limited (`PGCIL') for installation, commissioning, assembling, running, operating and maintaining electricity substations in the State of Tripura. For this purpose, TEL needed transformers for running the substations. In order to meet a part of their requirement, negotiations were held and eventually three purchase orders were placed on TTL for the supply of 5 MVA and 7.5 MVA power t