(1.) This petition is filed under section 34 of the Arbitration and Conciliation Act, 1996 to set aside the award dated 30.7.2011 passed by the Arbitral Tribunal.
(2.) The first respondent initiated the arbitration proceedings by invoking clause 13.2 of the marketing agreement dated 18.5.2002 for passing an award directing the petitioner herein to pay the first respondent a sum of Rs.74.40 crores with interest at 18% from 18.5.2002 till the date of realization, directing the petitioner herein to pay the first respondent the cost of arbitration proceedings and such other reliefs.
(3.) The case of the first respondent as projected in the statement of claim is as follows:-