UTTAM COMPANY Vs. S G STOCK SERVICES LTD

JUDGEMENT

(1.) THE present petition is filed by the petitioner under Section 34 of the Arbitration and Conciliation Act, 1996 (in short 'the Act') assailing the award dated 16th October, 2007 passed by the Arbitral Tribunal in respect of a claim submitted by the petitioner against the respondent. It is pertinent to note that the petitioner filed a claim against the respondent for a sum of rs. 26. 90 lacs along with interest @ 2% per month to be compounded on a monthly basis for the period of delay till the settlement of amount of the claim. The petitioner had also claimed a sum of Rs. 1. 00 crore on account of loss of opportunities caused to it because of delay on the part of the respondent.

(2.) UNDER the impugned award, the Arbitral Tribunal awarded the petitioner/claimant a sum of Rs. 26,90,000/- along with interest @ 9% per annum w. e. f. 22. 11. 2006 to the date of payment of the amount. The petitioner was also allowed costs of Rs. 30,000/- against the respondent. However, the Arbitral tribunal declined to grant any damages for loss of opportunities as claimed by the petitioner.

(3.) AGGRIEVED by the aforementioned award, the petitioner filed an application under Section 33 of the Act before the Arbitral Tribunal on 8. 11. 2007, which was rejected, vide order dated 28. 11. 2007 by the Arbitral tribunal stating inter alia that the application was beyond the scope of Section 33 of the Act and that the petitioner had not made out any ground for passing of an additional award. As against the aforementioned award dated 16. 10. 2007 and the order dated 28. 11. 2007, the petitioner has filed the present petition under section 34 of the Act.