JUDGMENT :

R.D. Dhanuka, J.

By this petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short "the Arbitration Act"), the petitioner has impugned the arbitral award dated 3rd December, 2018 passed by the learned Arbitrator allowing the claim made by the respondent and directing the petitioner to pay an amount of Rs.1,17,00,000/- along with interest @ 12% p.a. from 9th April, 2013 on amount of Rs.1,17,00,000/- till payment/realization. The learned Arbitrator also directed the petitioner to pay actual costs quantified at Rs.38,75,000/- being the costs mentioned in the statement of costs filed by the respondent inclusive of arbitral fees within a period of 120 days from the date of communication of award dated 3rd December, 2018. It was made clear that in the event of the petitioner not paying the said amount and actual costs within the time prescribed, the petitioner shall be liable to pay simple interest @ 9% p.a. on the said amount till payment/realization. The learned Arbitrator also rejected the claim for set off and counter claim made by the petitioner as time barred. Some of the relevant facts for the purpose of deciding this petition are as under:-