HAZEL MERCANTILE LTD vs INDIAN OIL CORPORATION LTD

IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 22.04.2026 + O.M.P. (COMM) 36/2023 & I.A. 1770/2023 HAZEL MERCANTILE LTD .....Petitioner Through: Mr. Bishwajit Dubey, Mr. Akshit Awasthi & Mr. Vivek Sharma, Advs. versus INDIAN OIL CORPORATION LTD .....Respondent Through: Ms. Vineeta Meharia, Senior Adv. with Mr. Amit Meharia, Ms. Tannishtha Singh & Mr. Sambhav, Advs. CORAM: HON'BLE MR. JUSTICE AVNEESH JHINGAN AVNEESH JHINGAN, J. (ORAL) 1. This petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short „the Act‟) for setting aside of the arbitral award dated 01.10.2022. 2. The brief facts are that the respondent/Indian Oil Corporation Ltd. (hereinafter referred to as „IOCL‟) vide tender dated 15.01.2018 invited bids for supply of 26,000 MT of Acetic Acid (for brevity „the acid‟). The petitioner was the successful bidder and a purchase order (for short „PO‟) dated 25.05.2018 was issued for supply of 13,000 MT at the rate of Rs. 50,500/- per MT. The supply was to be made over a period of one year from the date of first supply or till completion of the total ordered quantity, whichever was earlier. The PO stipulated delivery to be on a staggere