1 Both the cases arise out of a common judgment. They were heard together and both are being disposed of by this common judgment.

2The Food Corporation of India-the petitioner in O.P.No. 39 of 1992 and respondent in O.P.No. 82 of 1992 on the file of the Subordinate Judge's Court, Kozhikode is the appellant in the M.F.A. and the revision petitioner in the C.R.P. O.P.No. 39 of 1992 was an application under S.30 of the Arbitration Act, 1940 , for short, the Act and O.P.No. 82 of 1992 was under S.17 of the Act. The respondent is the owner of the Vessel Darya Ma.

3By a Charterparty dated 25th August, 1988, in the Baltimore Berth Grain Form between the owner (respondent herein) and the Charterer (appellant herein),the respondent let their Vessel M. V. Darya Ma to the appellant for carriage of cargo 27,500 Metric tons of wheat in bulk, 5 per cent more or less in owners option from 1 or 2 safe berth(s) each 1 or 2 safe port(s) U. S. Gulf including Mississippi River Port but not North of Baten Rouge. Pursuant to the said Charterparty a total quantity of 28,417.442 Metric tons of wheat in bulk as per bill of lading dated 29-9-1988 was loaded in the said Vessel at the port of loading Galvesto