JUDGMENT - A.P. SHAH, J.:---This is a petition under section 30 read with section 33 of the Arbitration Act, 1940 for setting aside the award passed by the sole arbitrator Mr. Suresh Deorah.

2.Briefly stated, the facts and circumstances leading to this petition are as follows:

The petitioner Nos. 1 and 2 are partnership firms registered under the Partnership Act, 1932. The respondent is also a partnership firm registered under the Partnership Act. The petitioners are manufacturers of iron and steel goods. The petitioners import raw materials for manufacturing of iron and steel goods. During 1979-1980 the petitioners had obtained import licence from the Import Control Authorities for the import of raw materials. For importing raw materials, the petitioners had engaged the services of the respondent and for that purpose the petitioners had issued a letter of authority to the respondent. During the period 1979-1980 the petitioners imported through the respondent iron and steel goods worth Rs. 38.30 lakhs of C.I.F. value and Rs. 39.50 lakhs of C.I.F. value. In 1982 the petitioners filed refund applications before the customs authorities for refund of the customs duty. The customs author

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