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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ABHAY AHUJA
Avitel Post Studioz Limited – Appellant
Versus
HSBC PI Holdings Mauritius Limited – Respondent
| Table of Content |
|---|
| 1. execution proceedings for foreign award. (Para 1 , 2) |
| 2. background of court orders and proceedings. (Para 3 , 4 , 5 , 6) |
| 3. special leave petition dismissed. (Para 7 , 8) |
| 4. contesting currency conversion methods. (Para 9 , 10) |
| 5. arguments regarding contract application. (Para 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18) |
| 6. respondent's legal stance on conversion. (Para 19 , 20 , 21 , 22) |
| 7. finality of award impacts conversion date. (Para 23 , 24 , 25) |
| 8. court’s recognition of final award. (Para 26 , 27) |
| 9. details of enforced award. (Para 28 , 29 , 30 , 31) |
| 10. legal framework governing conversions. (Para 32 , 33 , 34) |
| 11. court's mandate on enforcing awards. (Para 35 , 36 , 37) |
| 12. interpreting contract terms for currency conversions. (Para 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50) |
| 13. ruling on currency conversion parameters. (Para 51 , 52) |
| 14. execution application approved. (Para 53 , 54) |
| 15. conclusion and order on execution. (Para 55 , 56 , 57 , 58 , 59) |
ORDER :
ABHAY AHUJA, J.
1. The present Interim Application has been preferred by the Original Award Debtors in the Execution Proceedings of a foreign award. The execution proceedings are filed for execu
The enforceability of foreign arbitral awards requires adherence to contractual terms, specifically for currency conversion, guiding the execution process without altering the award's substance.
Point of law: It is not necessary that the commercial transactions between Indian parties be confined to Indian territories alone.
The relevant date for converting a foreign arbitral award to Indian rupees is when objections are finally decided, while deposits made during proceedings are converted at the date of deposit.
In enforcement of arbitral awards, the applicable exchange rate for foreign currency amounts is determined by the date the award became final, not the date of demand.
Award i.e. amounts calculated in EURO are to be paid in INR as per exchange rate prevalent at the time of filing of the claim petition
Foreign award enforceable under Sections 48-49 Arbitration Act is executable as decree; no separate executability test or prior RBI approval under FEMA required; prior objections on compliance/valuat....
The enforcement of foreign arbitration awards cannot include discretionary interests when such interests are not specified within the award.
Once an award is found to be enforceable under Section 49, it is deemed to be a decree from the date of the foreign award. Only broader principles of CPC apply to Part II of the Act.
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