MMTC LIMITED Vs. ANGLO AMERICAN METALLURGICALCOAL PVT. LIMITED

JUDGEMENT

(1.) Leave granted.

(2.) The present appeal calls in question the correctness of the judgment dtd. 9/5/2025 passed by a learned Single Judge of the Delhi High Court in OMP (ENF.) (COMM.) No. 19 of 2018. By the said judgment, the High Court dismissed the objections filed by the appellant-MMTC Limited [for short "MMTC"] under Sec. 47 of the Code of Civil Procedure, 1908 ["CPC"] as well as an application under Order XXI Rule 29 of CPC seeking stay of the enforcement proceedings. The High Court further directed that the amount deposited by MMTC shall be withdrawn by the decree holder-Anglo American Metallurgical Coal Pvt. Limited [for short "the Anglo"] along with the interest accrued. Aggrieved, the appellant-MMTC is in appeal by way of special leave.

(3.) The respondent-Anglo, on 24/9/2012, invoked the arbitration clause in the Long Term Agreement [LTA] dtd. 7/3/2007 entered into between MMTC and Anglo. The claim in the arbitration was for damages on account of the unlifted quantity of coal contracted by the appellant-MMTC. The damages were computed based on the difference in the price between the contracted price of US$ 300 Per Metric Tonne [for short "PMT"] and the market price of US$ 126 PMT, multiplied by the unlifted quantity. In the arbitration, by an Award dtd. 12/5/2014, Anglo was awarded a sum of US$ 78.720 million along with interest and costs by a majority of 2:1.