Introduction

1. Agritrade International Pte. Ltd. (‘Agritrade’) has filed the present petition under Sections 47, 48 and 49 of the Arbitration & Conciliation Act, 1996 (‘Act’) seeking enforcement of an Award dated 12th March 2007 and 14th January 2008 passed by the Arbitral Tribunal under the auspices of the Palm Oil Refiners Association of Malaysia (‘PORAM’) whereby the Respondent, National Agricultural Cooperative Marketing Federation of India Limited (‘NAFED’), has been directed to pay Agritrade a sum of US Dollar (‘USD’) 580,000 together with interest at the rate of 8% from 7th October 2004 till the date of the Award and further interest at 8% from the date of the Award till the date of payment together with costs of arbitration as assessed by PORAM.

Ex. P No. 57 of 2009 Page 1 of 13

Background facts

2. Agritrade is engaged in the business of buying and selling crude palm oil (`CPO’) in bulk in the international market. It is stated that the sale and purchase of CPO oil is usually concluded through brokers. It is the case of Agritrade that a contract dated 11th May 2004 was entered into between it and NAFED, concluded and issued through M/s. Global Commodities (M) Sd