( 1 ) THIS petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act" only) is directed against an Award dated 26. 4. 1999 passed by the Arbitrator in Arbitration Case No. 11-F/98. The objector /petitioner prays for selling aside the Award dated 26. 4. 1999.

( 2 ) THE facts relevant for disposal of this petition, briefly stated, are that vide an agreement dated 10. 11. 1994 respondent No. 1 had entered into a contract with the petitioner for supply of 500 ml. of refined mustard oil. In the agreement there was a risk purchase clause also. The respondent was required to furnish a security deposit by 24. 11. 1994. Time was extended upto 8. 12. 1994, but still the respondent failed to furnish the security amount. According to the petitioner/objection, respondent No. 1 could not deliver refined mustard oil in terms of the agreement till the extended period upto 20. 2. 1995 and as such, the contract was cancelled by a notice dated 10. 3. 1995. Risk purchase was made from State Trading Corporation limited. On the basis of difference in the price, the petitioner/objector served a notice upon respondent No. 1 to recover the