JUDGMENT :

ALOK ARADHE, J.

This appeal under section 37(1)(b) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the Act’ for short) has been filed against judgment dated 08.10.2010 passed by the trial court, by which objection filed by respondent No.1 under Section 34 of the Act has been allowed.

FACTUAL BACKGROUND

2. The respondent No.1 and the appellant No.2 entered into a Joint Venture Agreement dated 21.10.2003 for supply and purchase of iron ore fines. The main object of the agreement was to procure supply and sell the iron ore fines of specified quality to overseas customers to be nominated by appellant No.2 and to share the profit from such a sale. Under the agreement, it was agreed that respondent No.1 shall export the iron ore of requisite quantity and quality to the overseas buyers at the price and in the manner agreed to between the parties. The appellant No.2 represented the appellant No.1 as an agent and the authorized representative of appellant No.2 executed the agreement on behalf of appellant No.1. It is the case of respondent No.1 that a