J.K.Biswas, J. - (1.) This is an application under sections 48 and 49 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act").
(2.) By this application the petitioner wants to enforce a foreign award. It was filed in the Court of the District Judge of South 24-Parganas at Alipore on January 24th, 2002; there it was registered as Arbitration Execution Case No. 1 of 2002. Subsequently the petitioner moved an application under clause 13 of the Letters Patent before this Court. By an order dated September 18th, 2003 passed in such application, this application was transferred from the Court of the District Judge of South 24-Parganas at Alipore to this Court. On transfer it was registered in this Court as Extraordinary Suit No. 11 of 2003. The respondent has filed opposition affirmed on December 6th, 2003. The petitioner has filed reply affirmed on December 17th, 2003.
(3.) A tender dated August 30th, 1995 was floated by the respondent for supply of 15,000/- 5% DMT to copper concentrate. Offer to sell made by the petitioner was accepted by the respondent. Consequently, the parties executed the contract dated January 16th, 1996. The contract contained an arbitration clause for resolution of all disputes and differences, should any arise between the parties. Disputes and differences, however, arose between the parties. In terms of the arbitration agreement the petitioner approached the Indian Council of Arbitration for adjudication of the disputes by arbitration. Claims of the petitioner were as follows : "(a) An award for a sum of US $ 383,442.90 (equivalent to Indian Rupees 1,36,73,573.00 calculated at the exchange rate of Rs.35.66 as prevailing on May 10, 1997) in respect of the goods shipped on board the vessel M.V. "MARITIME MASTER" and M.V. "LOK PRITI"; (b) An award be made for interest pendente lite at such rate as the claimant is entitled to under the law; (c) An award be made for interest on the sum awarded until decree is pronounced in terms of the award; (d) Costs." The arbitrator appointed by the Indian Council of Arbitration made a nil award dated June 15th, 1999.;