O R D E R

% 01.06.2018 VIBHU BAKHRU, J

1. The petitioner has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter ‗the Act‘) for setting aside the Arbitral Award dated 03.02.2018 (hereafter ‗the impugned award‘) delivered by the Arbitral Tribunal consisting of Mr Justice B.P. Singh (Retired), Mr Justice Mukul Mudgal (Retired) and Mr Justice Gorigay Bikshapathy (Retired). The impugned award was rendered by the majority with Justice Gorigay Bikshapathy (Retired) entering a dissenting opinion. The controversy between the parties arises in relation to an agreement dated 13.08.2012 – captioned ‗Sub- Contract Agreement‘ (hereafter ‗the Agreement‘) – entered into between the parties for construction of dwelling units in Maldives. In terms of the Agreement, the petitioner was required to furnish two bank guarantees – one for securing an advance ( hereafter ‗ABG‘) and the other for securing the performance of the contract (hereafter ‗PBG‘) – each for a sum equivalent to 10% of the contract value of Rs. 126 Crores. Although, the petitioner furnished the bank guarantees, the same were found to be forged. Accordingly, the respondent terminated the