JUDGMENT :

1) Petitioner has filed the present Petition under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) challenging the Award of the learned sole Arbitrator dated 8 February 2023. By the impugned Award, the learned sole Arbitrator has awarded sum of Rs. 4,25,44,680/- alongwith interest @10% p.a. in favour of the Respondent. The Petitioner has been directed to indemnify the Respondent to the extent of applicable import duties and other levies and penalties on the import of raw material for manufacturing of goods covered by the purchase order.

2) The Petitioner is a company incorporated under the Indian Companies Act, 1913 engaged in the business inter alia of manufacturing of engineering and capital goods. The Respondent is engaged in the business of trading and marketing of various goods. On 24 August 2016, Petitioner issued purchase order to the Respondent for supply of 8339 numbers of Stainless Steel Seamless Tubes (tubes). The purchase order was revised on 7 December 2016 and the final value of the purchase order was Rs. 5,01,20,732.16. The tubes were to be in ‘U’ shape having length of 12 /14 meters. The total length of tubes was approximately 1