SOORAJMULL NAGARMULL Vs. ASIATIC TRADING CO

JUDGEMENT

(1.) THIS is an appeal by the firm Soorajmull Nagarmull against the judgment and order of Salil Kumar Roy Choudhry, J. dated Dec. 6, 1971 whereby the appellant's application under Section 34 of the Arbitration Act, 1940 for stay of the connected suit was dismissed.

(2.) AT the material time, the appellant had been carrying on business of a jute mill under the name and style of "Shree Hanuman Jute Mills". The appellant, a registered partnership firm under the Indian Partnership Act, 1932, had been a member of the East India Jute and Hessian Exchange Ltd, By a contract dated March 17, T967 through bought and sold notes, the appellant in his said business of Shree Hanuman Jute Mills agreed to sell to the respondent No 1, in the standard form of East India Jute and Hessian Exchange Ltd, for transferable specific delivery contract for jute goods, 50000 yards (25 bales) of Hessian cloth size 55" side, weight 10 1/2 oz for 40" @ Rs, 70.50 p. per 100 yards. The number of the contract was JG 72213 while the broker was Messrs. Basantlal Mussadi and Sons. The delivery, free alongside export vessel in the port of Calcutta, was to be given and taken within April, 1967.

(3.) SIMILAR contract for supply of another quantity of 50000 yards of Hessian cloth of similar specification and price at Rs. 68.25 p per 100 yards, delivery within May, 1967 was entered into on March 25, .1967 by the appellant in its said business of Shree Hanuman Jute Mills as seller and the said respondent as buyer bearing No. 7221.6. As the other contract, arbitration of the Bengal Chamber of Commerce was provided for in similar terms and the contract was made subject to the bye-laws of such trading of the East India Jute and Hessian Exchange Ltd.