IMC LIMITED Vs. INEOS ABS (INDIA) LIMITED

JUDGEMENT

(1.) BY this Petition under Section of the Arbitration and Conciliation Act, 1996 (for short 'The Arbitration Act, 1996'), the Petitioner (Original Claimant) seeks modification of the Award dated 23rd February, 2011 to the extent that the interest as claimed by the Petitioner is not awarded by the Arbitral Tribunal. There is no dispute that there was an Arbitration Agreement between the parties and the matter was referred to the Arbitral Tribunal. By an Award dated 23rd February, 2011 passed by the Arbitral Tribunal, certain claims made by the Petitioners are granted. The dispute raised in the present petition is in respect of the reliefs considered by the Arbitral Tribunal in paragraphs (42) to (44) of the impugned award. The Learned Counsel appearing for both the parties have informed that the Respondents had filed a petition (619 of 2011) challenging the same award allowing certain claims in favour of the Petitioner. By an Order dated 5th August, 2011 passed by this Court, the said Arbitration Petition has been rejected. The Appeal (610 of 2011) filed by the Respondent has been admitted by the Order dated 22nd February, 2012. It is common ground that the impugned award challenged therein has not been stayed so far.

(2.) THE Learned Counsel appearing for the Petitioner submits as under : -

(3.) IN so far as objection that in view of therein being no prayer for setting aside the impugned award no part of the award can be set aside is concerned, the perusal of the averments made in the petition and more particularly paragraph (1), paragraph (43) XII and the grounds of challenge read with prayer (a), it is clear that the Petitioner has claimed relief for setting aside part of the Award. I am, therefore, not inclined to accept this submission made on behalf of the Learned Senior Counsel that there is no relief claimed for setting aside the impugned award. In my view, since petitioner has challenged only portion of the award, modification would mean setting aside that portion of the award first and then to be substituted by the relief as claimed by the petitioner.