JUDGMENT

SABYASACHI MUKHARJI, J.:— This appeal by special leave is from the judgment and order of the High Court of Allahabad, dated 21st July, 1987. The High Court has set aside the award of the Umpire. To appreciate the decision and the contentions urged, a few facts are necessary.

2. On or about 20th October, 1962 there was a Bulk Supply Agreement entered into between Agra Electric Supply Co. Ltd. and the appellant herein, for supply of electrical energy to the latters hotel, inter alia, containing terms of rates, discounts, minimum sum payable and increase in the rates and sums payable once a year on account of increase in cost of production and distribution of electrical energy. Clause 9 of the said agreement contained terms of the rate of supply and the contingencies in which such rates could be increased. The said Clause provided as follows:

"The consumer shall, subject to the provisions hereinafter contained, pay to the Company for all electrical energy supplied and registered or estimated as herein provided at the rate of Rs. 0.20 (Rupees zero decimal two zero) per unit per month for all energy so supplied and registered and/or estimated in the case of a defective meter inst