I found the root of the issue.

Ubuntu 19.10, clean installation, no updates.

When the following packages are update:
grub-common from version (2.04-1ubuntu12) to (2.04-1ubuntu12.2)
grub2-common from version (2.04-1ubuntu12) to (2.04-1ubuntu12.2)
grub-efi-amd64-bin from version (2.04-1ubuntu12) to (2.04-1ubuntu12.2)
grub-efi-amd64-signed from version (1.128+2.04-1ubuntu12) to 
(1.128.2+2.04-1ubuntu12.2) 
grub-pc from version (2.04-1ubuntu12) to (2.04-1ubuntu12.2)
grub-pc-bin from version (2.04-1ubuntu12) to (2.04-1ubuntu12.2)

I can confirm that these packages are responsible for the reboot issue
and trying to install the outdated versions of ubuntu 19.10 on ubuntu
20.04 or 20.10 the laptop restarts normally.

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https://bugs.launchpad.net/bugs/1876753

Title:
  Thinkpad T430 Power Cycles instead of rebooting

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