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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ABHAY AHUJA
Prysmian Cavi E Sistemi S.R.I (formerly known as Prysmian Cavi E Sistemi Energia S.R.I.) – Appellant
Versus
Vijay Karia – Respondent
JUDGMENT :
ABHAY AHUJA, J.
1. The present Execution Application has been filed by the Applicant Corporation for execution of a Final Award (which incorporates by reference Three Partial Awards) passed by a Sole Arbitrator in London under the London Court of International Arbitration Rules (2014) (LCIA Rules) which has been held to be enforceable against the Respondents in India.
2. The background facts are that, the Applicant Corporation, a Company incorporated in Italy, manufacturing cables and systems for energy and telecommunications and one Ravin Cables Limited (“the Company”), a public limited unlisted company incorporated under the Indian Companies Act, 1956 engaged in manufacturing various electrical control and other cables entered into a Joint Venture Agreement (JVA) on January 19, 2010 . The Respondents are referred to in the JVA as existing shareholders, and were represented by the Respondent No.1 herein. The Respondents hold 49% of the share capital of the Company. Pursuant to the JVA, the Applicant company became entitled to majority shareholding (51%) of the Indian Company Ravin Cables. By a “Control Premium Agreement” of even date, the Applicant Company paid 5 Million E
The enforcement of foreign arbitral awards may only be refused on specific grounds as outlined in the Arbitration and Conciliation Act; violations of procedural norms do not themselves constitute a b....
Execution of an arbitral award requires compliance with the 90-day limitation under Section 34; execution petitions filed before this period are impermissible.
Execution of an arbitral award is not maintainable during corporate insolvency proceedings as approved resolution plans render prior claims extinguished.
Execution proceedings require proper pleadings to challenge maintainability; beneficial ownership must be established for enforcement of an arbitral 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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