Per Jyoti Balasundaram : The brief facts of the case are that on 14.2.1997 a Technical Collaboration Agreement was entered into between Dagger-Forst Tool Ltd. (herein after referred to as DFTL) a company incorporated under the Companies' Act 1956 and M/s. Kinglor SrL, Italy (herein after referred to as Kinglor) on their own behalf as well as on behalf of M/s. Fonderia Perucchini, Italy under which Kinglor agreed to provide to DFTL and/or its associates, the process and technical know-how and other advisory services required for enabling DFTL to set up a plant for manufacture of precision castings. As per the agreement it was decided that KINGLOR would, if required by DFTL, arrange for supply of plant machinery and equipments at a price to be mutually decided by both the parties. DFTL entered into negotiation with Kinglor for purchase of some capital goods and placed purchase orders on KINGLOR as well as on Fonderia Perucchini. On 24th July 1997, Birla Perucchini Ltd. (the appellants herein) was incorporated and registered under the Companies' Act, 1956. On 22nd December, 1997 a tripartite agreement was entered into between the appellants, DFTL and KINGLOR SrL under which it