PUNEET KUMAR JAIN Vs. MSTC LIMITED

JUDGEMENT

(1.) THE present appeal has been preferred under section 37 of the Arbitration & Conciliation Act, 1996 to assail the order dated 04.03.2014 passed by the learned arbitrator, whereby the appellants application under section 17 of the Act to seek interim measures has been dismissed by holding that the same is not maintainable.

(2.) THE appellant had participated in an e -auction for purchase of an asset, viz. Syn Gas Compressor complete unit along with auxiliaries and spares pertaining to mechanical, instrument and electrical of Ammonia -V plant of RC Trombay Unit (the asset).

(3.) ON the other hand, the submission of the respondent was that the tender itself had stated that the same was a global e -auction and that the bids shall be in US dollars. The floor price was stipulated as US dollar equivalent to Rs.1,60,99,889/ - considering the exchange rate published by SBI (TT buying rate) on the date of e -auction. According to the respondent, the aforesaid communication relied upon by the petitioner were automated computer generated communications, and did not reflect the correct position.