MANEESH PHARMACEUTICALS Vs. CONTRACT ADVERTISING INDIA PVT LTD

JUDGEMENT

(1.) By this petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short "Act of 1996"), the petitioner seeks to challenge award dated 30 th December 2011 delivered by the learned sole arbitrator directing the petitioner to pay to the respondent the principal sum of Rs. 69,17,551/ with interest @ 18% per annum on the said principal sum from 5 th March 2009 till payment and/or realisation and cost of the arbitration proceedings quantified at Rs.2,45,000/ and rejecting the counterclaim made by the petitioner. Some of the relevant facts which emerge from the pleadings and documents filed by both parties are summarized as under.

(2.) By an agreement dated 19 th February 2008 entered into between the petitioner and the respondent, respondent was appointed by the petitioner to handle all advertising and communication work required for the petitioner's brand "Disney Baby Care Products" with effect from 1 st March, 2008.

(3.) By letter dated 19 th February 2008, the petitioner's divisions "Svizewra Health Remedies" appointed respondent's division "Core Consulting" as the petitioner's consulting agent for "Disney Baby Care Products" at the total assignment fee of Rs.16,00,000/ for 4 months.