- (1.) By this petition filed under section 30 of the Arbitration Act, 1940, the petitioners have impugned the award dated 14th June, 2011 made by the learned arbitrator thereby allowing the claims made by the respondent and dismissing the counter claims made by the petitioners. Some of the relevant facts for the purpose of deciding this petition are as under :
(2.) The petitioners and the respondent had entered into an agreement on 23rd October, 1990 on various terms and conditions. It is the case of the petitioners that under the said agreement dated 23rd October, 1990, the respondent had agreed to import the raw material for and on behalf of the petitioners. The respondent agreed to act as an agent of the petitioners for the sourcing of electrolytic copper wire bars, copper scrap and brass scrap of various qualities as per the indent and/or orders that may be placed by the petitioners upon the respondent from time to time.
(3.) A dispute arose between the parties under the said agreement dated 23rd October, 1990 and was referred to arbitration. The respondent filed statement of claim inter -alia praying for recovery of various amounts. The said statement was resisted by the petitioners by filing a written statement. The petitioners also made counter claims against the respondent before the learned arbitrator. The learned arbitrator made an award on 14th June, 2011 directing the petitioners to pay jointly and severally to the respondent a sum of Rs.16,99,56,060.26 ps. with further interest on the principal sum of Rs.9,83,96,965/ - to be calculated at the rate of 18% p.a. from 1 st July, 1997 till the date of award and also till realization whichever was earlier. The learned arbitrator dismissed the counter claims made by the petitioners and directed the petitioners to pay costs of Rs.6,25,000/ - to the respondent. The petitioners have impugned the said arbitral award by filing the petition under section 30 read with section 33 of the Arbitration Act, 1940.;