This is an application for setting aside of an award under Sections 30 and 33 of the Arbitration Act, 1940.

2. The claim in the arbitration proceeding is on account of damages suffered by the respondent/claimant due to failure on the part of the petitioner herein to take delivery of 8990 MTs of finished iron slabs under a contract dated 8th April, 1960.

3. The Hindustan Steel Ltd. (now known as the Steel Authority of India Ltd.) initiated the arbitration proceeding against the respondent partnership firm claiming a sum of Rs.15,79,635.46 on account of loss and damages for breaches of a contract dated 8th April, 1960 for sale and purchase of steel slabs. The claimant under the contract was to buy 25000 MTs of slabs of sizes and specifications given in the said agreement. The agreement mentioned the terms and the dates of delivery, price payable, and payment to be made, inspection, weight, test certificate etc. Thereafter, the parties mutually agreed to amend the said contract, inter alia, by extending the date of completion of sale of the contracted quantity up to 31st March, 1961. The price and payment clauses of the agreement were also suitably amended.

4. The contract also