ADANI GLOBAL PTE LTD Vs. MMTC LTD

JUDGEMENT

(1.) The petitioner (AGPL), a company registered under the laws of Singapore, has filed the present petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act'), inter alia, impugning an arbitral award dated 29.09.2017 (hereafter 'the impugned award') delivered by the Arbitral Tribunal (hereafter 'the Arbitral Tribunal') comprising of three arbitrators Sh D.P. Wadhwa, Sh R.C. Lahoti and Sh Deepak Verma, former judges of the Supreme Court of India.

(2.) The impugned award was rendered in the context of disputes that had arisen between the parties in relation to a contract dated 11.12.2008 (hereafter 'the Agreement'), in terms of which AGPL had agreed to supply Indonesian Steam Coal to the respondent (hereafter 'MMTC'). AGPL, inter alia, claimed that it is entitled to receive the consideration for the coal supplied at the price as indicated in the Letter of Intent and not as specified in terms of the Agreement. The Arbitral Tribunal has rejected the said claim and this has led AGPL to challenge the impugned award.

(3.) Briefly stated, the controversy between the parties arise in the following context:-