MEGHA ENTERPRISES Vs. HALDIRAM SNACKS PVT. LTD

JUDGEMENT

(1.) The petitioners have filed the present petition under Sec. 34 of the Arbitration and Conciliation Act, 1996 (hereinafter the 'A&C Act') impugning an arbitral award dtd. 26/10/2020 rendered by an Arbitral Tribunal constituted by a Sole Arbitrator, Justice (Retd.) Dr Mukundakam Sharma, a former Judge of the Supreme Court of India. The arbitration was conducted under the aegis of Delhi International Arbitration Centre (DIAC) and its Rules.

(2.) Petitioner no.l (hereinafter 'Megha') is a partnership firm and petitioner nos. 2 to 5 are its constituent partners. Megha is, inter alia, engaged, in the business of trading Crude Palm Oil (edible grade). The subject disputes arise out of two agreements dtd. 2/2/2013 and 25/2/2013, which were entered into between Megha and M/s Coral Products Pvt. Ltd. (hereinafter 'Coral') for sale and purchase of Crude Palm Oil on a High Seas Sale Basis. In terms of the agreement dtd. 2/2/2013, Coral agreed to sell 1470 MT of Crude Palm Oil of Indonesian origin on board the vessel, MT. Prosperity V.01/13, with Kakinada as the port of delivery, at the rate of ?46,600/- per MT. In terms of the Agreement dtd. 25/2/2013, Coral agreed to sell 2500 MT of Crude Palm Oil on board the vessel, MT. Golden Blessing V.1301, with Kakinada as the port of delivery, at the rate of Rs.48,750.00per MT.

(3.) Coral issued two separate invoices dtd. 2/2/2013 and 25/2/2013 for amounts of Rs.6,85,02,000.00 and Rs.12,18,75,000.00 respectively for sale of Crude Palm Oil, in terms of the respective agreements as mentioned above. Thus, according to Megha, an aggregate sum of Rs.19,03,77,000.00 (Rupees Nineteen Crores Three Lacs Seventy Seven Thousand only) became due and payable by Megha to Coral.