1. By this petition filed under section 47 and 48 of the Arbitration & Conciliation Act, 1996, the petitioner seeks an order that the foreign award dated 18th December, 2009 be deemed to be the decree of this court and for the direction to enforce and execute the said award as decree in favour of the petitioner and against the respondents and also seeks various directions against the respondents for disclosure of assets and properties and for attachment and sale of the properties of the respondents.

2. The learned counsel for the respondents raised preliminary objections about the maintainability of this petition in this court on various grounds. As both the parties have made submissions in detail on those issues also, it would be proper to deal with those submissions together with the other issues in the latter part of this judgment.

3. Some of the relevant facts for the purpose of deciding this petition are as under:

(a) The Petitioner company is having its office at Singapore. The respondent is carrying on business at Mumbai inter alia of import and export of commodities. On 20th August, 2008, the respondent through the broker B.B. Rubber Pvt. Ltd. confirmed for purchase