Discharge vouchers signed by the claimant negate the maintainability of further claims, and courts will not interfere unless findings are arbitrary or perverse.

JUDGMENT

Vibhu Bakhru, J. (Oral)--The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the `A&C Act') impugning an arbitral award dated 28.12.2019 (hereinafter the `impugned award') rendered by the Arbitral Tribunal comprising of a learned Sole Arbitrator (hereafter the `Arbitral Tribunal').

2. The impugned award was rendered in the context of disputes relating to the insurance claims made by the petitioner under the insurance policy issued by the respondent.

3. The petitioner is a company, inter alia, engaged in the business of manufacturing and dealing in mint and pine based essential oils. The petitioner had a valid "Standard Fire and Special Perils Policy" (Policy bearing no 34050011120100000163) (hereafter `the Policy') with the period of insurance commencing from 20.08.2012 to 19.08.2013. In terms of the Policy, the petitioner was insured against the specified risks for a sum of Rs.32,25,00,000/-.

4. On 13.02.2013, a fire broke out in the petitioner's manufacturing plant (property bearing no 4th Km., Bareily Road, Panwaria, Rampur, Uttar Pradesh), resulting in substantial loss to the petitioner. The petitioner informed the respondent about the incident. Thereafter, on 15.02.2013, the respondent appointed one Mr Abhay Rastogi as the initial Spot Surveyor and he retrieved the data pertaining to the stocks held by the petitioner. The respondent also appointed one J Basheer and Associates Surveyors Private Limited (hereinafter `the Surveyor') to assess the loss caused to the stock, building, and plant and machinery.

5. Thereafter, the petitioner, by a letter dated 21.03.2013, submitted its claim for an aggregate amount of Rs.27,08,30,874.13 for loss under various heads as set out below:

6. The Final Survey Report was filed on 10.02.2014 and the same quantified the loss suffered by the petitioner at Rs.11,11,76,658. Thereafter, the petitioner, by an email dated 20.02.2014, requested the Surveyor to review its assessment as it contended that the same would eliminate "the unjustified deduction in the value of our claims on stocks specifically".

7. Thereafter, on 05.03.2014, the Surveyor, by an addendum to the Final Survey Report, revised the loss on stock to Rs.10,05,68,218/- and thereby, increased the estimate of losses from Rs.11,11,76,658/- to Rs.12,11,31,758/-. On the same date, the petitioner communicated to the respondent that the revised assessment of loss in stock was acceptable to it. However, on 10.03.2014, the petitioner submitted bills aggregating Rs.13,78,757/- incurred as additional expenses, to the respondent.

8. Thereafter, on 14.03.2014, the respondent provided the Final Survey Report to the petitioner and deducted a sum of Rs.5,53,749/- from the claim of additional expenses claimed by the petitioner and offered an amount of Rs.12,19,56,766/- to the petitioner.

9. On 30.03.2014, the petitioner submitted a duly signed Discharge Voucher for accepting the sum of Rs.12,19,56,766/- as full a