( 1 ) THIS is a petition under Sections 5 and 6 of the Foreign Awards (Recognition and Enforcement) Act, 1961 ("the Act" for short) for ordering that award dated March, 1,1981 made in London by Mr. Michael Kempster of Court of Arbitration of the International Chamber of Commerce be filed and for pronouncement of judgment in terms of the award. The award in question is stated to be a foreign award within the meaning of Section 2 of the Act. The preamble of the Act would show that this is an Act to enable effect to be given to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, done at New York on the tenth day of June, 1958 to which India is a party and for purposes connected therewith.

( 2 ) UNDER the award the arbitrator awarded a sum of US $1,647,495. 9 as damages to COSID Inc. , petitioner No. 1 ("cosid" for short) and also awarded interest at the rate of twelve per cent per annum on this amount from the date of the award till payment. The arbitrator also awarded costs of the arbitration proceedings to COSID.

( 3 ) THE award has been challenged on various grounds by the respondent Steel Authority of India Ltd.

( 4 ) ON pleas of the parties following iss

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