(1.) This is an application under Section 34 of the Arbitration and Conciliation Act, 1996. It is made by M/s Inspiration Clothes & U, a registered partnership firm. It does business from 32, Shakespeare Sarani, Kolkata- 700017. They want an arbitral award dated 14th March, 2008 published by the Bharat Merchants' Chamber, Mumbai to be set aside.
(2.) By the award the petitioner was directed to pay to the respondent Rs.11,35,026.95 as principal, Rs.15,42,862 as interest and Rs.3000 as arbitration cost, all aggregating to Rs.26,80,888 within 15 days of publication of the award. If there was default the petitioner would have to pay additional interest at the rate of Rs.1.50 per cent per month on the awarded amount till the date of making the payment. The arbitral tribunal comprised of two arbitrators and one presiding arbitrator. It was a unanimous award.
(3.) Two things are most important. The petitioner never appeared before the tribunal. Secondly, the award is without any reasons whatsoever. I will set out the material part of it:-