Manmohan, J. (Oral) - O.M.P. No. 40/1999 has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "Act, 1996")' challenging the majority arbitral award dated 23rd August, 1999 to the extent it awards respondent-claimant's claim with regard to Contract No. 35 executed between the parties.

2. The facts relevant for this case are that on 14th October, 1991, Contract No. 35 was executed between petitioner-objector and the respondent-claimant for sale of 50,000 metric tonnes of Muriate of Potash (MOP) at a price of Rs.2,766.50 per metric ton (F.O.B). The said contract contained a payment clause whereunder petitioner-objector was to open a Letter of Credit with the Bank of Foreign Trade of USSR, Minsk, valid for a period of 90 days. The relevant portion of the payment clause is reproduced herein below:

" Paymellt -

Within 7 days after receiving the sellers' telegraphic advice of the readiness of the goods for shipment, the buyers shall open by cable with the Bank for Foreign Trade of the USSR, Minsk, in favour of the sellers an irrevocable Letter of Credit in Indian Rupees for the 80.5% value of the goods mentioned in the sellers' ca