UOI Vs. NATIONAL COOP CONSUMER FEDERAT

JUDGEMENT

(1.) IN these proceedings, the plaintiff claims for making an award of the Arbitrator dated 31. 12. 1999 under section 14 of the Arbitration Act, 1940. The defendant " objector has filed an application being IA No. 2886/2001 challenging the award on various grounds, under Section 30 and 33 of the Act.

(2.) THE brief facts of the case are that the defendant entered into a contract for supply of 'moong Dal' to the plaintiff on 14. 7. 1988. It is alleged that the defendant did not make the supplies within the time as a consequence of which the plaintiff had to seek recourse to risk purchase. It was alleged that the petitioner incurred a loss, quantified at Rs. 36,52,115. 54 (Rupees thirty six crores fifty two lakhs one hundred fifteen and paise fifty four only) on account of risk purchase. It, therefore, invoked the arbitration clause, in terms of paragraph 13 of the Agreement between the parties.

(3.) CLAUSE 13 of the Agreement reads as follows:-