(1.) By this Commercial Arbitration Petition filed under Sec. 34 of the Arbitration and Conciliation Act, 1996 ("the Arbitration Act") the arbitral award dtd. 16/12/2022 ("impugned Award") has been challenged. By the impugned Award the learned Arbitrator has allowed the claim of the Respondent and directed the Petitioner to pay an amount of INR 7,50,00,000/- along with interest @ 9% p.a. from 1/9/2021.
(2.) By consent of parties the Commercial Arbitration Petition itself has been heard at the admission stage.
(3.) The Petitioner is a company registered under the Companies Act, 1956, wholly owned by the Government of India which provides export credit insurance to cover the exporters against the risk of non-payment from foreign buyers.