S. RAVINDRA BHAT, J.

1. The present appeal, under Section 37 of the Arbitration and Conciliation Act (hereafter “the Act”) is directed against the judgment and order of a learned Single Judge, dated 17.02.2010 in OMP 40/2000. The impugned judgment dismissed the objections of the appellant (hereafter “MMTC”) to the majority award of a three member Arbitral tribunal (hereafter “the Tribunal”) dated 23.08.1999. The award had directed payments to the claimant/respondent (hereafter “Belcom”) by MMTC.

2. The facts relevant for this case are that on 14.10.1991, Contract No.35 was executed between MMTC and Belcom for sale of 50,000 metric tonnes of Muriate of Potash (MOP) at a price of ` 2,766.50 per metric ton. This was an F.O.B. contract.. The said contract contained a payment clause by which MMTC was to open a Letter of Credit with the Bank for Foreign Trade of USSR, Minsk – Bank of Foreign Economic Affairs [hereafter “BFEA”], valid for a period of 90 days. The relevant portion of the payment clause is reproduced herein below:

“PAYMENT :-

Within 7 days after receiving the sellers' telegraphic advice of the readiness of the goods for shipment, the buyers shall open by cable wit