SPORTING INDIA LIMITED Vs. HDFC BANK LIMITED

JUDGEMENT

(1.) The Petitioner is under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, "Arbitration Act"). The Petitioner has challenged the Arbitral Award dated 30 September 2010 passed by the sole Arbitrator Hon'ble Mr. Justice A.M. Ahmadi (Retired Chief Justice of India).

(2.) The operative part of the Arbitral Award is as under:

(3.) After due negotiations in January February 2007 and considering the commercial objects, the Respondent Bank sanctioned a credit limit on 13 March 2007 of Rs.1 Crore for trading in foreign exchange derivative products. The same was enhanced by letter dated 28 August 2007 upto Rs.5 Crores. For the same, alleged undated/blank and unfilled "International Swap Dealers' Association Master Agreement" (for short, "ISDA") and the schedule annexed to the same, the commercial documents were signed by the Petitioner's Managing Director, at Ludhiyana.