INDIAN POTASH LIMITED Vs. EMMSONS GULF DMCC

JUDGEMENT

(1.) This petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the "Act") has been filed by the petitioner challenging the Arbitral Award dated 30th November, 2017 passed by the majority of the Arbitrators, awarding a sum of Rs. 11,74,39,806/- in favour of the respondent alongwith interest @12% per annum from 8th December, 2011 to 30th November, 2017 and further directing that if the awarded sum is not paid within one month from the date of the Award, the petitioner shall pay interest @18% per annum from the date of the Award till the date of payment.

(2.) The disputes between the parties are in relation to the Agreement dated 30th August, 2011 by which the respondent had agreed to supply a quantity of 1,90,000 MTs (+/-) 10% (shipping tolerance) Prilled /Granular Urea(in bulk) under the terms and conditions set out therein. Clause II of the Agreement provides as under:-

(3.) The dispute between the parties is confined only in relation to the supply of a quantity of 30,000 MTs +/- 10% Urea, which was supplied admittedly beyond the contractually stipulated date, as provided in clause II of the Agreement read with the Addendum No.2 dated 25th November, 2011 executed between the parties.