MMTC LIMITED Vs. LEGEND HOLDINGS PTE LTD

JUDGEMENT

(1.) This is a Petition under Section 34 of the Arbitration and Conciliation Act, 1996 filed by the petitioner, MMTC Limited ("MMTC") against M/s. Legend Holdings Pte. Ltd. ("Legend"). The petitioner challenges the Award dated 29th July, 2002 wherein a sum of USD 294,505.26 has been awarded at the then prevailing exchange rate along with an interest of 18% per annum.

(2.) This Award relates to the deduction of an amount equivalent to the Discharge Port Demurrage paid by petitioner.

(3.) All the other Claims of the respondent were rejected along with all counter claims of the petitioner.