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2001 (7) TMI 1169 - SUPREME COURTWhether the appellant, on the evidence on record, is entitled to the price of hard coke supplied by it to the respondent at the enhanced rate? Held that:- The Division Bench of the High Court erred in setting aside the award passed by the arbitrator which was made rule of the Court by the Single Judge. As under the agreement, a specified quantity of the commodity was to be supplied by the appellant to the respondent within the period specified in the agreement and the appellant, while submitting its tender, had made it clear that any subsequent upward change in price of the commodity will entitle it to claim at such rate and subsequently, the price escalation clause was modified in a manner not relevant for deciding the dispute referred to the arbitrator, the question of the price escalation clause having prospective effect was of no consequence. If the claimant was entitled to the enhanced price, the respondent was liable to pay the same for the entire stock supplied. If the position was otherwise, the claim of the appellant was to be rejected in toto.
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