MMTC LTD Vs. G PREMJEE TRADING P LTD

JUDGEMENT

(1.) Present objection petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as Act, 1996) challenging the majority Arbitral Award dated 18th January, 2001, insofar as it rejects petitioner-objectors claim for USD 1,17,500 with regard to Contract No. 15.

(2.) The facts relevant for this case are that petitioner-objector entered into various purchase contracts with respondent whereunder respondent was to supply various quantities of Urea. However, dispute in the present petition relates to Contract No. 15 dated 07th June, 1994 for supply of 55,000 MTs ( 10%) of Urea @ US$ 143.50 per metric ton. In August, 1994, the quantity to be supplied under Contract No. 15 was amended to 45,000 - 55,000 MTs ( 5%) of Urea @ US $ 149 per metric ton.

(3.) In December, 1994, respondent supplied 22,976.45 metric tons towards Contract No. 15. On 30th December, 1994, respondent loaded 25,259.596 metric tons of Urea on vessel MV Mike -- K towards Contract No. 15 which sailed from Constanza, Romania.