IMPEX TRADING GMBH Vs. ANUNAY FAB LTD

JUDGEMENT

(1.) THIS is a petition under Section 9 of the Arbitration and Conciliation act, 1996 (hereinafter referred to as 'act') filed by the petitioner against the respondents seeking interim relief for restraining the respondent No. 1 from encashing/invoking Letter of Credit No. DIA101180 for 321346. 14 Euro (Rs. l,89,72,276. 11p in Indian currency) or in the alternative some interim measure or relief be provided to the petitioner to secure the amount of 1,83,754. 91 (Rs. l,08,48,889. 89p in Indian currency) till the dispute in the proposed arbitration between the petitioner and the respondent No. 1 is adjudicated upon by the arbitral tribunal.

(2.) PETITIONER company entered into three separate agreements with the respondent for supply of manufactured goods/items to the petitioner. These agreements are:

(3.) AS per the agreements, respondent No. 1 was required to provide oekotex standard 100 certificate free of charge. On the request of the petitioner, respondent No. 3, the bankers of the petitioner at Germany, opened an irrevocable Letter of Credit (hereinafter referred to as 'l/c')bearing No. DIA101180 dated 17. 7. 2007 for 3,24,716. 64 Euro with date and place of expiry being September 03, 2007 and D-Bielefeld in favour of respondent No. 1.