JUDGMENT

S. Ravindra Bhat, J.

Leave granted in SLP (Civil) No(s). 12870-12871 of 2011.

2. These appeals are directed against a common judgment of the Delhi High Court¹[ By final order dated 27-07-2009 in F.A.O. (OS) No. 477 of 2001], which partly interfered with an arbitration award. One appeal has been preferred by the respondent - MMTC Limited in arbitration (hereafter "MMTC") to the extent that the impugned judgment did not set aside the award, and the other appeal by the arbitration claimant - M/s H.J Baker & Bros. INC (hereafter "Baker") to the extent it did.

Essential facts

3. MMTC entered into an agreement dated 14-01-1986 with Baker for the purchase of US-origin sulphur. In terms of the agreement, MMTC was to purchase on an annual basis 60,000 metric tons of sulphur (+/- 5% for shipping convenience). The agreement was to be operative for three years from 01-061986 and thereafter was to be extended annually on ever green basis unless terminated by either party through six months written notice. Under the contract, MMTC purchased the material till 1991. On 20-12-1991, MMTC telexed Baker, confirming supply-price for the period from January to June 1992. As no vessel was nominated f