JUDGMENT

Vibhu Bakhru, J. - The petitioner (Decree Holder) has filed the present petition under Section 36 of the Arbitration and Conciliation Act, 1996 (hereafter 'the A&C Act') seeking to enforce an Arbitral Award dated 07.01.2017 (hereafter the 'Arbitral Award'). The Arbitral Award has been enforced to a substantial extent.

2. The only contentious issue that remains to be addressed is regarding the rate of conversion of foreign exchange to be applied for determining the amount required to satisfy the Arbitral Award to the extent of the amount awarded in foreign currency (US Dollars). The petitioner claims that the rate of conversion is to be determined with reference to the date on which the respondent's (Judgment Debtor's) Special Leave Petition (SLP) was dismissed by the Supreme Court and the Arbitral Award became final. The respondent (hereafter 'MMTC') contends that the rate of conversion is to be reckoned in reference to the date when the demand for the same was made by the petitioner for the first time (that is, on 15.05.2010).

3. Briefly stated the relevant facts necessary to address the aforesaid controversy are as under:

3.1 The petitioner is a company incorporated in India