ARUN GENERAL INDUSTRIES LTD Vs. GUNNY TRADING CO

JUDGEMENT

(1.) THIS is an application for determination of the existence or validity of 16 several contracts mentioned in paragraph 1 of the petition whereby and whereunder the petitioner agreed to sell to diverse persons various quantities of jute goods described in the said several contracts on the terms and conditions mentioned in the said contracts.

(2.) THE said contracts were non-transferable specific delivery contracts within the meaning of the Forward Contract (Regulations) Act, 1952. Each of the said contracts contained an arbitration clause to the following effect to wit:

(3.) THE respondent in paragraphs and and 9 of the affidavit of Jupudy Lakshmi Narasimha Rao affirmed on January 20, 1970, and filed in opposition to the petition herein has admitted that all the said contracts were non-transferable specific delivery contracts for jute goods. THE respondents, however, has denied in the said affidavit that the said contracts were and are illegal or void.