JUDGMENT

R.M. Lodha, J. —

This appeal, by special leave, occupied judicial time of almost whole day, and the basic question raised is this : whether enforcement of the award dated October 18, 1999 given by the International Court of Commercial Arbitration at the Chamber of Commerce and Industry of Russian Federation, Moscow in favour of the respondent is contrary to public policy of India under Section 48(2)(b) of the Arbitration and Conciliation Act, 1996.

2. By contract dated November 18, 1997, between — Phulchand Exports Limited, Mumbai, India (‘the sellers’) and OOO Patriot, Moscow, Russia (‘the buyers’), a transaction relating to sale of 1000 Metric Tons of Indian long grain 1.5 time polished rice PR—106 of 9 per cent broken maximum (for short, ‘the goods’) for a price fixed at INR 12,450 (Indian Rupees twelve thousand four hundred fifty only) per one metric ton net on CIF (liner out) Novorossiysk, Russia basis was concluded. The price was fixed according to Incoterms-90 and included value of the goods, packing and marking, loading into hold, stowing of the cargo, fulfilling the customs formalities in the sellers’ country, insurance, freight charges, berthing charges and unlo