NATIONAL INSURANCE CO LTD Vs. SYNERGY STEELS LTD

JUDGEMENT

(1.) This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the "Act") has been filed by the petitioner challenging the Arbitral Award dated 10.10.2011 passed by the Sole Arbitrator adjudicating the disputes that have arisen between the parties in relation to the following three Standard Fire and Special Perils policies (hereinafter referred to as "Insurance Policies") taken by the respondent from the petitioner:-

(2.) Admittedly an explosion took place in the factory of the respondent on 18.08.2005 resulting in loss and damage to the building, plant and machinery as well as stock lying therein.

(3.) The respondent filed its claim under the Insurance Policies with the petitioner for a sum of Rs. 85,19,652/-.