ORDER

%05.01.2024

1.This hearing has been done through hybrid mode. I.A.196/2024 (for exemption)

2.Allowed, subject to all just exceptions. Application is disposed of. O.M.P.(COMM) 8/2024 & I.A.195/2024 (for delay)

3.The present petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter, ‘the Act’) for setting aside of the Arbitral Award. The Petitioner - Panchanan International Private Limited is aggrieved by the impugned award dated 28th August, 2023 passed by the sole Arbitrator.

4.The Petitioner is in the business of wholesale trade and distribution of readymade garments. The Petitioner had availed a fire policy for the sum of Rs.30 crores from the Oriental Insurance Company Limited in 2016, which was valid till 9th May, 2017. According to the Petitioner, a fire broke out in the factory of the Petitioner, which was covered by the Standard Fire and Special Perils Insurance policy executed between the parties availed of by the Petitioner for a sum of Rs.30 crores.

5.It is stated that the goods/ garments of the Petitioner were lying in various godowns in four locations. In one of the locations i.e. Shed at 53/73, Nangli Poona, opposite DIRD College, G