VISA INTERNATIONAL LTD Vs. CONTINENTAL RESOURCES USA LTD

JUDGEMENT

(1.) This application under sub-sections (5) and (9) of Section 11 of the Arbitration and Conciliation Act, 1996 (for short "the Act") has been filed with a prayer to appoint an Arbitration in terms of Clause VI of the agreement dated 15-2-2005 entered into by and between the applicant and the respondent.

(2.) The facts leading to filing of this application may briefly be noticed :

(3.) The applicant is, inter alia, engaged in the business of providing services in international trading of Minerals, Metals and Ship Chartering. The respondent with an intention to make substantial investments to set up an integrated aluminium complex in Orissa with an Alumina refinery to be catered by the bauxite deposits of Gandhamardan Mines entered into a Memorandum of Understanding (for short, "MOU") with Orissa Mining Corporation Ltd. (for short "OMC") for mining of bauxite deposits from the Gandhamardan Mines situated in the State of Orissa. In order to help set up integrated aluminium complex in Orissa, OMC had decided and agreed to enter into a Joint Venture Agreement with the respondent on certain terms and conditions.