(1.) Willard India Limited is a duly incorporated company having its registered office at Aurangabad, District Bulandshahar in U.P. and its works at Chitivalasa, District Visakhapatnam, A.P. Its jute Division is known as Chitivalasa Jute Mills and is situated at Chitivalasa, Visakhapatnam, A.P. Hereinafter, Willard India Limited will be referred to as 'Willard India', for short.
(2.) Jaypee Rewa Cement, a Division of Jai Prakash Industries Limited, a duly incorporated company has its registered office at Lucknow, U.P. and works at Rewa in M.P. Hereinafter, the same shall be referred to as 'Jaypee Rewa', for short.
(3.) Jaypee Rewa manufactures cement. For the purpose of packing its products, it needs jute bags, Willard India in its jute Division is manufacturer of jute bags. The parties entered into an agreement through correspondence, the exact details whereof are not relevant; the fact remains that Willard India have been supplying jute bags from Chitivalasa to Jaypee Rewa at Rewa for use as packing material for the latter. The dispute between the parties relates to the period between 7-1-1992 and 31-12-1993 and is referable to several dispatches of jute bags from Chitivalasa to Rewa.