Case Note & Summary
The case concerns a petition filed under Sections 46 and 47 of the Arbitration and Conciliation Act, 1996, seeking enforcement of a foreign arbitral award dated 8 June 2011. The petitioner, an Italian company, entered into contracts with the respondent, an Indian steel manufacturer, for the purchase of prime hot dip galvanised steel coils. Disputes arose when the respondent failed to supply the goods despite amendments to letters of credit and advance payments made by the petitioner. After the vessel carrying part of the goods was damaged and arrested, the respondent sought renegotiation of prices, which the petitioner refused. The petitioner initiated arbitration, resulting in an award in its favour. The petition sought declaration of enforceability of the award as a decree of the high court and recovery of costs. The factual background details the series of communications, contract modifications, and failures to perform dating back to 2005-2006, including the involvement of a sister concern, Nagit Trading LLC, for part of the supply.
Issue of Consideration
Whether the foreign arbitral award dated 8 June 2011 is enforceable as a decree of the Court under Sections 46 and 47 of the Arbitration and Conciliation Act, 1996
Law Points
- Enforcement of foreign award under Sections 46 and 47 of the Arbitration and Conciliation Act
- 1996
