JUDGMENT

C. Hari Shankar, J.

1. The New India Assurance Company Limited ("NIA", hereinafter) seeks, by means of the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 ("the 1996 Act"), to challenge an award dated 2nd January 2020, passed by a learned three- member Arbitral Tribunal in arbitral proceedings between NIA and the respondent-Khanna Paper Mills Limited ("Khanna", hereinafter).

Facts

2. Khanna, which is engaged in the manufacture of pulp and paper, availed of the insurance policy provided by NIA, vide Cover Note dated 30th March 2012, valid for the period 1st April 2012 to 31st March 2013, covering a sum of Rs. 1292 crores, including all movable and immovable assets of Khanna.

3. During the period covered by the insurance policy, a fire broke out in the premises of Khanna on 12th June 2012. Considerable losses resulted. Khanna, thereupon, contacted NIA. M/s. Protocol Surveyor and Engineers Pvt Ltd was appointed as the Surveyor, to conduct a detailed survey of the losses suffered by Khanna. The Surveyor submitted an Interim Survey report on 20th June 2012 and a Final Survey report on 7th March 2013. Admittedly, a copy of the Final Survey R