2007 (3) TMI 737

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....9;s order No. M/906-907/WZB/2006/CB dated 28.6.2006 and the Larger Bench after considering the issue referred to them, answered the reference by their order dated 26.2.2007 and, sent the matter to the refereal Bench for passing appropriate order. Accordingly, these appeals are taken up for final disposal. 3. The relevant facts of the case relating to these appeals are brought out in the submissions of learned D.R. as recorded in the Order of the Larger Bench, which are reproduced below: He then invited attention to the memorandum of agreement, entered into by the two respondents M/s. Lucky Steel Industries and Y.S. Investment under which purchase price of vessel was indicated as US$ 122 per one longer tone of LDT and US$ 133 per longe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t October 1998 with 31st October 1998 canceling date canceling in buyer's option. Subsequently four addendums were issued, two on 15.10.1998, 3rd on 27.10.1998 and 4th on 23.11.1998. While the addendum carried out by first two addendums were of minor nature, the addendum issued on 27.10.1998 called for a reduction in price from US $ 133 per long ton to US$ 126 per long ton. The 4th addendum issued on 23.11.1998 inter alia provided for further reduction in price to US$ 120 per long ton if the vessel is beached on or before 24.11.1998 on its own power etc. Both these addendum did not indicate any reason for reduction in price. 4. It is noticed that in these present cases the original memorandum of agreement was for the sale of the ship....