- (1.) Neycer India Limited, i.e., the petitioner herein, and GMB Ceramics Limited, i.e., the respondent herein, decided to enter into an agreement for collaboration on November 29, 1986. As is not very infrequent in such agreements, dispute and differences arose between the parties sometime thereafter. The agreement contained a clause for referring the dispute to joint arbitrators, each nominated by the parties and an umpire, to be nominated by the arbitrators, with a limited jurisdiction to decide on disputes which could not be resolved by the arbitrators. The arbitrators nominated Justice E. S. Venkatramaih as the umpire.
(2.) The joint arbitrators passed an Award on May 26, 1998 agreeing only on two points. Consequently the matter was referred to the learned Umpire.
(3.) On the death of Justice E. S. Venkatramaih, this Court by an order dated February 11, 1999 appointed Justice Murari Mohon Dutt as the Umpire. The learned Umpire passed an Award on June 23, 1999 for a sum of Rs. 11,69,62,910/- along with interest at the rate of 15% per annum which is to run from two months after the date of Award till realization. Neycer India Limited has challenged the said Award by filing an application under Section 30 of the Arbitration Act, 1940 (the Act, for short).;