JUDGMENT

Sanjeev Narula, J. (Oral): The present petition under Section 39(2) of the Arbitration and Conciliation Act, 1996 [hereinafter, "the Act"] is directed against the order dated 17th June, 2021 passed by the Arbitral Tribunal appointed under the Rules of Domestic Commercial Arbitration & Conciliation of the Indian Council of Arbitration ("ICA"), as amended w.e.f. 1st April, 2016 [hereinafter, "ICA Rules"].

THE FACTS

2.1. The Petitioner - M/s McNally Bharat Engineering Company Limited [hereinafter, "McNally"] is the lead contractor of a consortium comprising of itself and M/s Southern Cooling Tower Private Limited. Respondent No. 1 - Steel Authority of India Ltd. [hereinafter, "SAIL"] awarded a contract dated 22nd September 2012 for the setting-up of an external pump water system for mills and fire water pump houses at SAIL's Steel Plant at Bhilai to the consortium led by McNally [hereinafter, the "Contract"]. This Contract contains the arbitration agreement as provided under Clause 9.2 which reads as under:

"9.2 Arbitration of contracts shall be governed by the Rules of Indian Council of Arbitration (ICA)". The venue shall be New Delhi.

During the pendency of the Conciliatio