JUDGMENT

Rajendra Babu, J.-These three petitions have been filed under Section 11(5) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act ). The facts and questions of law arising in these petitions are common. For purposes of convenience, I will advert to the facts of Arbitration Petition No. 19 of 2000.

2. The averments in the petition, in brief, are as under :

Nimet Resources Inc. is a company incorporated in Canada and is engaged in trading of metals conducting its business through its agent, the second petitioner. They claim that they entered into certain transactions with M/s. Essar Steels Ltd. in Arbitration Application No. 19 of 2000 on August 20, 1998 for sale and supply of about 100 metric tons of Ferro Vanadium through its agent, the second Petitioner Under the said contract, the Petitioner was to deliver different quantities of metal on different dates between September, October and November 1998. The respondent was to make the payment by opening appropriate letters of credit in respect of each delivery and in the said sales contract, there is an arbitration agreement to the effect that that the disputes arising out of the agreement sh