1. This Execution Petition is filed under Section 47 of the Arbitration and Conciliation Act, 1996 read with provisions of Section 2(1)(c), 7 and 10(i) of the Commercial Courts, Commercial Division and Commercial Appellate Division of the High Courts Act, 2015 (Act 4 of 2016) to recover a sum of US $ 2,143,168 equivalent to INR 14,27,75,708.87ps pursuant to an Arbitral Award passed in London on 05.04.2016 by a Three-Member Arbitration Tribunal (for short ‘the Tribunal’) after adjudicating the dispute between the parties.

THE BACKGROUND FACTS

2. The petitioner herein is a Company incorporated in Switzerland and is engaged in the business of trading in fertilizers.

3. The respondent is a Company registered under the Companies Act, 1956 having its registered office at Hyderabad, India, which is also engaged in the business of trading in fertilizers.

4. The petitioner and respondent entered into a contract ‘KTS201310338’ dt.30-4-2013 whereby the petitioner agreed to sell and the respondent agreed to by 50,000 Metric Tonnes (M.T.) of Di Ammonium Phosphate (for short, ‘D.A.P.’) (later split into two contracts) with a shipping tolerance of ±10% at the option of the petitioner at a p