1. By this petition filed by the petitioner under Sections 46 to 49 of the Arbitration & Conciliation Act, 1996, petitioner seeks a declaration that the award dated 2nd February 2009 is enforceable within the meaning of the Arbitration and Conciliation Act, 1996 and is accordingly a decree of this Court and seeks direction against the respondent to pay to the petitioner the total amount of Rs.39,28,91,751.67/- and USD 1,89,342.19 and Rs.92,15,284.38/- with interest and costs. Some of the relevant facts for the purpose of deciding this petition are as under.

2. The petitioner company is incorporated under the laws of Japan and is engaged in shipping business. Respondent Company is carrying on business of agency of ocean transportation. On or about 1st April 1964, petitioner and the respondent entered into an agency agreement by which the petitioner appointed the respondent as an agent of ship's business, cargo business, passenger business and other related activities and duties in the Western Coast of India and in North Calicut. Article 17 of the said agreement provided for disputes being adjudicated upon by arbitration. Article 17 of the said agreement is extracted as under: