Anup Jairam Bhambhani, J. - (1.) This is an appeal under section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter the "A&C Act") against judgment dated 10.07.2015 passed by a learned single Judge of this Court by which objections to the majority arbitral award dated 12.05.2014 (hereinafter referred to as the "Award") filed under section 34 of the A&C Act have been dismissed. By way of the Award, the claim filed by the respondent/Anglo American Metallurgical Coal Pty. Ltd. for damages on account of non-lifting of 453,034 MT of coking coal by the appellant/MMTC Ltd. was allowed and the respondent was held to be entitled to recover damages in the sum of USD 78,720,414.92 alongwith pendente lite and future interest and costs. A dissenting award dated 13.03.2014 was passed by the third arbitrator, dismissing the claim petition filed by the respondent.
(2.) Some basic facts, which are not disputed, that are required to be noticed for the disposal of this appeal are that the appellant, which is a Government of India enterprise, entered into a Long-Term Agreement ("Agreement") dated 07.03.2007 with the respondent. Under the Agreement, the appellant agreed to purchase a certain quantity of freshly mined and washed coking coal from the respondent over three delivery periods between 01.07.2004 and 30.06.2007. Under clause 1.3 of the Agreement, vide addendum dated 20.11.2008, the period of agreement was extended by two years, thereby adding two delivery periods i.e. a Fourth Delivery period commencing 01.07.2007 and ending 30.06.2008; and a Fifth Delivery period commencing 01.07.2008 and ending 30.06.2009. By consensus between the parties, the Fifth Delivery period was further extended till 30.09.2009; and it was agreed that the respondent would supply 466,000 MT of coal to the appellant at USD 300 per MT for the said delivery period.
(3.) As it would appear from the record, in view of the global financial crisis, after issuance of addendum dated 20.11.2008, vide letter dated 20.11.2008, the appellant requested the respondent for reduction in the price of coal for quantities to be supplied for the Fifth Delivery period. It may be noted that the subject matter of the arbitration proceedings are disputes between the parties pertaining to the Fifth Delivery period i.e. 01.07.2008 to 30.06.2009 as extended up to 30.09.2009. It is during the Fifth Delivery period that the respondent was required to supply to the appellant 466,000 MT of coking coal at the rate of USD 300 per MT or such other rate as agreed between the respondent and Rashtriya Ispat Nigam Ltd. (RINL)/Steel Authority of India Ltd. (SAIL) during the delivery period between 01.07.2008 and 30.06.2009. The essential contention of the appellant is that the respondent failed to supply 454,034 MT of coking coal; whereas the respondent's contention is that the appellant failed to buy the coal in breach of the Agreement. Appellant's Submissions :;