JUDGEMNT - B.N. SRIKRISHNA, J.:---This is a petition under section 47 of the Arbitration and Conciliation Act, 1996 (hereinafter called 'the Act') applying for enforcement of the Award dated 30th September, 1997.

The silent facts necessary to dispose of this petition are as under:-

The petitioner is a company incorporated under the laws of Singapore, which carries on business of imports and exports of, inter alia. Indian commodities and in particular, import of Indian Toasted Soyabean Extractions. The respondent is a company registered under the Companies Act in the State of Punjab carrying on business of dealing with several Indian commodities. The petitioner and the respondent had an earlier business transaction during the course of which one M/s. Harish Co. of Bombay had been appointed as the broker of the respondent to carry out the business deal for sale of certain commodities. The document at Exh. A to the affidavit of Dilip K. Sheth in rejoinder filed on 12th March, 1999 brings out the fact that in the previous business transaction M/s. Harish Co. had acted as broker for the respondent/company. The said M/s. Harish Co. are regularly carrying on business of broker for selling edible and non-edible oils, oilseeds, oilcakes, bran, cattlefeed and poultry feed ingredients.

2.It is the case of the petitioner that M/s. Harish Co. acting as broker of the respondent approached the petitioner and offered to sell, supply and deliver goods as per the requirement of the petitioner. Negotiations took place with regard to terms of a contract for supply of 1000 Metric Tons of Indian Toasted Soyabeen Extraction FAQ yellow Flackes of certain specification. The shipment of the goods was to be effected by December, 1995 and the agreed price was US $ 192 per metric tone of 1000 kilos net in Bulk FAS (FOB) Bodi Bunder, Gujrat. The payment under the contract had to be made by opening an irrevocable letter of Credit for 100% contract value in favour of the seller. By a note dated September 5, 1995 under the signature of M/s. Harish Co., the basic terms of the contract were confirmed and it was further provided therein that the other terms would be "As per contract No. TIA 2856-151155 dated 5-9-1995 of M/s. Alfred C. Toepfer (India) Export Pvt. Ltd., Bombay". A formal document of contract appears to have been drawn up and signed by the authorised representative of the petitioner and by one of the Directors of the respondent/company.

3.Pursuant to the terms of the contract, the petitioner opened a letter credit on 23-11-1995 with their Bank Society General, Singapore Branch, who in turn instructed their Bombay branch with regard to opening of the irrevocable letter of credit for a sum of US $ 192,000.00. Under the terms of contract, the respondent was to load the goods on the ship to be nominated by the petitioner. The petitioner by its communication issued by their Surveyor dated 6-12-1995 nominated M.V. Feng Guang as the carrying vessel. This was confirmed by another telex of the Surveyor of 14-12-1995. The respondent failed to load the cargo as required, even after another telex dated 28-12-1995. The surveyor placed on record that till 19.00 hours on that date that no cargo had been offered by the respondent for pre-shipment against the vessel M.V. Feng Guang. By a note dated January 2, 1996 the shipment date was altered from December, 1995 to January, 1996 and the note was countersigned on behalf of the respondent by its broker M/s. Harish Co. There was failure to load the cargo even after the shipment date was thus altered. This is evidenced by the surveyor's letter dated 15-1-1996. The shipment date was once again amended to February, 1996 by addendum to the contract dated February, 1996 signed on behalf of the respondent by its broker M/s. Harish Co. Even after this amended shipment date, the respondent failed to load the cargo on the vessel. By a telex dated February 12, 1996, the petitioner placed on record that the respon

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