PANCHANAN INTERNATIONAL PRIVATE LIMITED vs THE ORIENTAL INSURANCE COMPANY LIMITED

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 16th February, 2026 Pronounced on: 10th April, 2026 + O.M.P. (COMM) 8/2024 PANCHANAN INTERNATIONAL PRIVATE LIMITED .....Petitioner Through: Mr. Manish K. Jha, Sr. Adv. with Mr. Rajat Joneja and Mr. Himanshu Mishra, Advs. M: 7766912655 Email: [email protected] versus THE ORIENTAL INSURANCE COMPANY LIMITED .....Respondent Through: Mr. Abhishek Gola, Adv. M: 9958789900 CORAM: HON'BLE MS. JUSTICE MINI PUSHKARNA JUDGMENT MINI PUSHKARNA, J. 1. The present petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), being aggrieved by the Arbitral Award dated 28th August, 2023, passed by the learned Sole Arbitrator in arbitration proceedings titled as, “Panchanan International Private Limited Versus The Oriental Insurance Company Limited”. 2. By way of the impugned Arbitral Award, the learned Arbitrator has partly allowed the claim of petitioner and directed the respondent to pay Rs. Signature Not Verified Digitally Signed O.M.P. (COMM) 8/2024 Page 1 of 39 By:HARIOM SHARMA Signing Date:10.04.2026 20:04:26 20,65,27,032/- along with interest @10% per annum from the date of filing the statement of claim before the Arbitrator, and costs. 3. In the present proceedings before this Court, the petitioner-claimant has challenged the impugned Arbitral Award on the following four findings of the Arbitrator: (a) Pre-reference Interest: The Arbitrator has not provided the interest on the awarded amount for the pre-reference period, i.e., the period before filing of the claims/statement of claim before the Arbitrator. (b) Double Deduction: The Arbitrator has approved carrying out deductions twice under the Insurance Policy, first, in the form of „excess‟, and second, under „err