JUDGMENT - S.M. JHUNJHUNUWALA, J. :--The Food Corporation of India, the petitioners, have filed this petition for setting aside the Award dated 30th October, 1993 which award has been filed in this Court and numbered as 'Award No. 178 of 1994'.

2. Briefly stated, relevant facts are as under :

(i) The petitioners are a statutory body established under the provisions of the Food Corporation of India Act, 1964 for the purpose of trading in the foodgrains and food-stuffs and other matters connected therewith and incidental thereto and are an agency set up for the purpose of handling import/export, storage movement, distribution and sale of foodgrains under the statute having the regional office situate at Bombay. The 1st respondents are the owners of the vessel 'M.V. ICARUS' ( for short, 'the said vessel');

(ii) The petitioners had purchased Vietnam white Rice 35% of 1988-89 crop as per the standard specifications notified by the Central Food Corporation of S.R. Vietnam weighing 12271.100 MT Net (245422 bags) from the Department of Foreign Trade, Ministry of Commerce, Government of Vietnam. The said rice was to be consigned to India ;

(iii) A Charter Party Agreement dated 19th August, 1989

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