JUDGMENT - S.N. VARIAVA, J.:---This petition challenges an Award dated 16th March 1984 and the decision of the Board of Directors of The East India Cotton Association Limited dated 29th March 1985.

2. By a Contract No. section 1508 dated 19th February 1977 entered into between the petitioners and the respondents, the petitioners were to sell to the respondents 15,000 bales of cotton of the type and the quality mentioned therein. The terms relevant for our purposes read as follows :

"SELLERS : SANBRA --- SOCIEDADE ALGODOERA DO NORDESTE BRASIL-EIRO S.A.--- Caixa Postal 8149 --- Sao Pauli --- Brazil

6.SHIPPER : Sanbra S.A. and/or Third Parties.

7.PAYMENT : Cash against first presentation of shipping documents in Bombay India. In the event tendering Bolivian and/or Paraguyan cotton proceeds to be remitted to The Innesmoor Corporation, one Chase Manhattan Plaza, New York, U.S.A., favour and for account of Sanbra S.A.

9. TERMS AND ARBITRATION : Terms and Arbitration in accordance with the rules and regulations of the East India Cotton Association Ltd., Bombay."

3. In respect of 3,831 bales of cotton delivered pursuant to this contract, disputes arose as to whether there was a loss of weight

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