JUDGMENT

Altamas Kabir, J.

1. The Special Leave Petition arises out of the Judgment and Order dated 24.10.2005 passed by the learned Single Judge of the Bombay High Court in A.P.No.531 of 2003 affirming the Award of the Arbitral Tribunal dated 8.9.2005, and the judgment and order dated 20.1.2006 passed by the Division Bench dismissing A.N.No.1158 of 2005 filed by the Petitioners herein.

2. On 9.11.1999 the Petitioners and the Respondent(s) entered into a Charter Party in respect of the Respondents’ vessel, “m.t. Prestige”, for carriage of minimum 8150 metric tonnes of crude oil from the Egyptian Red Sea port of Ras Sukheir to one/two safe anchorage(s)/lighterage points/SBM(s)/one/two safe port(s)one/two safe berth(s) anywhere in India. The vessel was described in Clause 41 of the Charter Party as being fitted with “AK Tongue Type Bow Chain Stopper of min SWL 2000 Mts.”

3. Clause 9 of the Charter Party provided for settlement of all disputes arising out of the Charter Party by arbitration under the Arbitration & Conciliation Act, 1996, and the Maritime Arbitration Rules of the Indian Council of Arbitration (ICA).

4. The vessel arrived at Ras Sukheir at 4.00 a.m. on 19.11.1999 and t