Summary

Introduction

1. The present petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 ("Arbitration Act"), seeking to set aside the Arbitral Award dated 03rd September, 2019 ("impugned Award"), passed by the Sole Arbitrator in arbitration proceedings titled as M/s Dinowic Pte. Ltd. Versus Ratnagiri Gas and Powers Pvt. Ltd.

2. By way of the impugned Award, the Arbitrator has allowed the claim of the respondent/claimant and directed the petitioner herein to refund a sum of USD 714,760.74, deducted by the petitioner towards liquidated damages from the security deposit, along with simple interest @6% per annum with effect from 17th June, 2014, while rejecting all the counter claims raised by the petitioner herein.

3. This Court notes that the respondent herein has filed OMP (ENF.)(COMM.) 12/2021, seeking enforcement of the impugned Award, wherein, this Court vide order dated 14th October, 2024, had directed the release of the amount deposited by the petitioner/judgment-debtor, along with accrued interest, in favour of the respondent/decree-holder, subject to furnishing security to the satisfaction of the Registrar General.