Prathiba M. Singh, J.

1. The present petition under Section 34 of the Arbitration and Conciliation Act, 1996 arises out of award dated 24th February, 2011 passed by the learned sole arbitrator under the aegis of the Indian Council of Arbitration.

2. Briefly stated the facts are that an agreement for milling of paddy was signed by the Food Corporation of India (hereinafter, ‘FCI’) with M/s S.K. International Rice Mills (hereinafter, ‘miller’), on 13th October, 1994. The miller was supplied 37010 bags (24038-06-000 quintals) of superfine variety of raw paddy and 9539 bags (6193-85-000 quintals) of common variety of paddy. The paddy was understood as being in the joint custody of FCI and the miller.

3. The miller had to undertake the milling of the paddy and supply rice back to the FCI. The process of milling was to be completed by 28th February, 1995 which period was thereafter extended to 31st May, 1995. During the currency of the contract, the miller returned 6250 bags (5926-75-000 quintals) of superfine variety rice and 2496 bags (2362-47-000 quintals) of common variety