MMTC LTD. Vs. NEW SIALKOTI JEWELLERS & ORS.

JUDGEMENT

(1.) MMTC Ltd. has filed this petition under Sec. 34 of the Arbitration and Conciliation Act,1996 (hereafter 'the Act') , inter alia, praying that the award dated 14.04.2016 (hereafter the 'impugned award') passed by the Arbitral Tribunal comprising of Justice S.K. Mahajan (Retired), Justice S.N. Sapra (Retired) and Ms Justice Rekha Sharma (Retired) be set aside.

(2.) By the impugned award, the claims made by the petitioner (hereafter 'MMTC') against the respondents for an aggregate sum of Rs. 1,52,34,218.30.00 were rejected.

(3.) MMTC is the Government of India undertaking and is, inter alia, engaged in the business of importing and exporting minerals and metals. MMTC has been assisting entrepreneurs inter alia in exporting gold and other jewellery items made of precious metals by rendering financial assistance under various schemes.