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DELHI HIGH COURT
VIBHU BAKHRU
Karam Chand Thapar & Bros. (Coal Sales) Ltd. – Appellant
Versus
MMTC Ltd. – Respondent
| Table of Content |
|---|
| 1. controversy over foreign exchange conversion rate. (Para 1 , 2) |
| 2. factual basis of the dispute and award details. (Para 3 , 4) |
| 3. parties' arguments regarding the applicable conversion rates. (Para 6 , 7 , 8 , 9) |
| 4. court's reasoning on enforcement of the arbitral award. (Para 10 , 11 , 12 , 13) |
| 5. precedent and its implications on the current case. (Para 14 , 15 , 16) |
| 6. final decision on the applicable exchange rate and order. (Para 25 , 26 , 27 , 28) |
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 D
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