NATIONAL INSURANCE COMPANY LIMITED Vs. DIGITAL WORLD

JUDGEMENT

(1.) The present petition under Sec. 34 of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as "the Act "] arises out of an arbitral award dtd. 14/8/2020 directing the Petitioner [hereinafter referred to as "NIC "] to pay: (i) a sum of Rs.3,11,94,796.00 (which includes principal amount of Rs.1,93,47,430.00, plus simple interest awarded at Rs.1,31,02,645.00, less Rs.12,55,279.00 paid under interim award dtd. 10/3/2017) along with post-award interest @12% p.a. from 15/8/2020 till the date of payment, (ii) pre-award interest @ 11% p.a. for the period from 1/4/2014 to 14/8/2020, amounting to Rs.1,31,02,645.00, and (iii) cost of Rs.24,77,325.00.

(2.) NIC impugns the grant of: (i) Claim No. 1 against loss to the building; (ii) Claim No. 2 towards loss caused to the plant and machinery; (iii) Claim No. 4 towards loss caused to stocks; (iv) Claim No. 7 awarding interest; and (v) Claim No. 9 awarding cost.

(3.) BRIEF FACTS: