ORDER :

P Naveen Rao, J.

This revision is filed challenging the orders dated 24.9.2007 passed in E.P.No.54 of 2005 on the file of the XI Additional Chief Judge (FTC) City Civil Court, Hyderabad.

2. Wide Ocean Shipping Service Limited of London, England(disponent), chartered ‘m.v.RIZCUN TRADERS’ to ITC Limited, Secunderabad, India (the charterers ) to carry a cargo of minimum 6250 mt of bagged soya bean meals extract with 5 % more at the option of charterers from Mumbai to Haichong. Charter-party (agreement) was made on 24.6.2000 in Dubai. Disputes arose between two contracting parties leading to appointment of arbitrators. The disponent owner set up claim for US $ 54,120.53 with interest and costs. The Charterers made counter claim for US $ 8,316.63 with interest and costs. The arbitrators passed award on 6.2.2003 holding that the charterers should pay the disponent owners US $ 52,153.53 together with interest thereon at the rate of 6% per annum compounded by three monthly rests from 18.8.2000 to the date of payment. Arbitrator also awarded costs and interest on costs and fee and expenses payable to the arbitrators by the charterners.

3. On 11.6.2004, the arbitrators passed award