(1.) THE petitioners, who suffered an award in the hands of the Arbitrator, appointed by this Court, have filed this petition to set aside the same under Section 34 of the Arbitration and Conciliation Act, 1996.
(2.) THE parties herein are referred as per the ranking in this petition.
(3.) IN response to the above submissions Mr. R. Thyagarajan, the learned senior counsel appearing for the respondent would submit, that as far as the liability is concerned, the same is not in dispute and in this view, there could be no quarrel in the amount arrived at by the arbitrator, that not only on the basis of the invoice, but also on the basis of the trade and usage, for the non payment of the amount for the purchase of the cotton within the stipulated time, the respondent is entitled to interest, which was granted by the Arbitrator and it cannot labeled as illegal, that a well reasoned award cannot be questioned in view of the fact, the Court is not sitting under Section 34 of the Act as an appellate authority and that in view of the admitted legal position the Court cannot also substitute its decision assuming there is any possibility of taking any other possible view. IN support of the above contentions, the learned senior counsel inviting my attention to various decisions of the Apex Court, as well as other courts, and the previous litigation between the parties, as well the observations therein, would contend that the claim of the petitioners failed to attract the ingredients of Section 34 of the Act, which should follow setting aside of the award does not arise for consideration.