1. The Food Corporation of India („FCI‟) has filed this petition under
Section 34 of the Arbitration & Conciliation Act, 1996 („Act‟), challenging
the impugned Award dated 19th September 2013, modified by the
Addendum Award dated 21st February 2014 and further modified by the
Supplementary Award dated 6th June 2014 passed by the sole Arbitrator in
the disputes between FCI and the Padda Trading Company („PTC‟)
(Respondent No. 1) and its partners (Respondent Nos. 2 to 5), arising out of
an Agreement dated 12th October 1994 for the purposes of storing paddy.
2. By the aforementioned impugned Award, the learned Arbitrator rejected
the claim of FCI in the sum of Rs. 40,50,309.42 towards cost of balance
paddy at the rate of one and half times of the economic cost of paddy as
OMP(COMM) 261/2016 Page 1 of 5
well as other claims and allowed the counter-claim of the Respondent herein
in the sum of Rs. 4,03,898.80.
Source: Indian Kanoon