A contractual dispute had arisen between M/s Karam Chand Thapar & Co (“Petitioner”) and MMTC (“Respondent”), which was referred to arbitration. The arbitral tribunal had passed an award in favour of the Petitioner, which was being enforced by the Petitioner before the Hon’ble Delhi High Court (“Court”). Although a substantial part of the award stood satisfied, the matter was argued in Court as the Court had to decide the foreign exchange conversion rate applicable to the extent of the amount awarded in foreign currency.
