THE NEW INDIA ASSURANCE CO LTD vs INDO RAMA SYNTHENTICS(I) LTD

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment pronounced on: 26.11.2025 + O.M.P. (COMM) 106/2020 THE NEW INDIA ASSURANCE CO LTD ..... Petitioner Through: Mr. P.K. Seth, Advocate. versus INDO RAMA SYNTHENTICS(I) LTD ..... Respondent Through: Mr. Gopal Jain, Sr. Advocate along with Mr. Arav Pandit, Advocate. CORAM: HON'BLE MR. JUSTICE SACHIN DATTA JUDGMENT 1. The present petition assails an Arbitral Award dated 03.03.2011 (hereinafter ‘the impugned award’), rendered in context of the quantum payable under two insurance policies being - (i) Fire Policy 'C' No. 1132010003046 covering Material Damage, Riot and Malicious Damage (hereinafter ‘Material Damage policy’), and (ii) Fire (LOP) Insurance Policy No. 1132010003161 covering Plant CP-II & CP-III (hereinafter ‘Fire (LOP) Policy’). 2. The respondent (claimant before the Arbitral Tribunal) is a Company engaged in the manufacture of polyester fiber/yarn, operating three streams of continuous polymerization at its factory premises. The respondent had obtained the aforesaid insurance policies from the petitioner/ the New India Assurance Co. Ltd. 3. The dispute between the parties arose out of the incidents 1999. 4. Pursuant to