Sudhir Ranjan Roy, J. - (1.) The petitioner No. 1 is a company within the meaning of the Companies Act, 1956 and carries on business of manufacturing diverse types of plywood products.
(2.) In or about March, 1985 the petitioner-company agreed to purchase and Sumitomo Corporation of Tokyo (Japan) through its agent in India Messrs. Suniti Private Limited of Calcutta agreed to sell 100 metric tonnes of phenol 9996 at the agreed price of Japanese yen 185 per kg. C.I.F. Calcutta and on the terms and conditions as contained in the agreement dated 27th March, 1985 (Annexures "A").
(3.) Phenol 99% is one of the ingredients for manufacturing diverse types of plywood products, which the petitioner-company uses in its factory at Tinsukia in the State of Assam.;