1. The Petitioner, MMTC Limited (MMTC), has filed this petition under Section 34 of the Arbitration and Conciliation Act, 1996 (Act) against the final Award dated 12th May, 2014 of the Arbitral Tribunal (AT) by a majority of 2:1 in the disputes between the parties. By the impugned majority Award the claim filed by the Respondent, Anglo American Metallurgical Coal Pty. Ltd. (formerly known as Anglo Coal Australia Pty. Ltd.) [Anglo] for damages on account of alleged non-lifting of 453,034 MT of coking coal of MMTC was allowed and Anglo was held to be entitled to recover damages from MMTC in the sum of US dollars (USD) 78,720,414.92 together with pendente lite and future interest. A dissenting Award dated 13th March, 2014 was passed by the third learned Arbitrator dismissing the claim petition filed by Anglo.

Background facts

2. On 7th March, 2007 an agreement was entered into between the parties for sale and purchaser of coking coal. This was a Long Term Agreement (LTA) in terms of which MMTC was to purchase freshly mined and washed coking coal from Anglo on FOB (trimmed) basis from DBCT Gladstone in Australia. The LTA encompassed three delivery periods of one year each, commen