A.R. Tiwari, J.

1. The order dated 12th October, 1993, rendered by the District Judge, Indore in Civil Suit No. 17-A/93 registered on application under Section 20 of the Arbitration Act (for short 'Act'), dismissing applicant's application, moved under Section 41 of the Act read with Order 39, Rules 1 and 2 of the Code of Civil Procedure (for short 'Code') is under challenge in this revision petition presented under Section 115 of the Code.

2. Facts are jejune. The N.A. No. 1 is the Government of India enterprise. The applicant is a Company registered under the Companies Act, 1956, and carries the business of manufacturing and sale of Boats. On 12-10-1988, contract was finalised between applicant (seller) and N. A. No. 1 (buyer), on Government's approval for four Petrol Boats to be supplied to Government of Mauritius as gift by Government of India at Rs. 45.10 lacs per boat, thus, total contract value being Rs. 1.804 crores. Some of the material terms, inter alia, were that - a) Shipment of all the four boats shall be done within 18 months from the date of signing of the Agreement. b) Phased payment shall be made as 20% of total contract value against certificate of Indian Regis