UNITED INDIA INSURANCE CO. LTD vs M/S VALLEY IRON & STEEL CO. LTD.

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 14.07.2025 Judgment pronounced on: 18.09.2025 + O.M.P. (COMM) 194/2022 UNITED INDIA INSURANCE CO. LTD. .....Petitioner Through: Mr. A.K.De, Ms. Ananya De, Ms. Chandni Sharma, Advs. versus M/S VALLEY IRON & STEEL CO. LTD ......Respondent Through: Mr. S.D. Singh, Mr. Kamla Prasad, Mrs. Meenu Singh, Mr. Siddharth Singh, Advs. + OMP (ENF.) (COMM.) 21/2022 & EX APPL.(OS) 3045/2022, EX APPL.(OS) 6/2023 M/S VALLEY IRON AND STEEL COMPANY LIMITED ..…Decree Holder Through: Mr. S.D. Singh, Mr. Kamla Prasad, Mrs. Meenu Singh, Mr. Siddharth Singh, Advs. versus UNITED INDIA INSURANCE COMPANY LIMITED …..Judgement Debtor Through: Mr. A.K.De, Ms. Ananya De, Ms.Chandni Sharma, Advs. CORAM: HON'BLE MR. JUSTICE JASMEET SINGH Digitally Signed By:DEEPANSHU MALASI O.M.P. (COMM) 194/2022 Page 1 of 61 Signing Date:18.09.2025 17:36:07 JUDGMENT 1. This is a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“the Act”) seeking the setting aside of the impugned Arbitral Award dated 28.07.2021 and Order dated 28.08.2021 passed by the Arbitral Tribunal (“Tribunal”) in “M/S. Valley Iron & Steel Company Ltd. And United India Insurance Company Ltd.” FACTUAL BACKGROUND 2. The petitioner herein was the respondent before the Tribunal, and is a Company incorporated under the Companies Act, 1956. It is a Government of India undertaking, having its Head Office at Chennai. For the purposes of the present dispute, its Regional Office at Delhi and the Policy issuing Office at Noida are relevant. The petitioner is the insurer under the policy in question. 3. The respondent herein was the claimant before the Tribunal, and is a Company incorporated under the Companies Act, 2013. It is engaged in the business of manufactu