JUDGMENT :

Ravi Krishan Kapur, J.

1. This is an application under Section 9 of the Arbitration and Conciliation Act, 1996. The disputes between the parties arise out of a Share Purchase Agreement dated 30 October 2020 as amended on 20 November, 2020 and 4 March, 2021 respectively (SPA).

2. Briefly, the petitioner is a company incorporated under the laws of Delaware, USA and is a wholly owned direct subsidiary of Uphealth Inc. Uphealth Inc is a public company listed on the New York Stock Exchange. The petitioner is carrying on business inter alia of providing health care treatment. The respondent is incorporated under the provisions of the Companies Act, 1956 and provides technology enabled healthcare services.

3. By the SPA, the petitioner undertook to become the single largest shareholder of the respondent no.1 company. It is alleged that pursuant to the SPA and in terms thereof, the petitioner has paid the respondent, a sum of approximately USD 174.5 million (equivalent to Rs.2100 crores) which comprises of a substantial portion in cash and the balance by way of shares in the petitioner’s parent company Uphealth Inc. It is also alleged that portion of the aforesaid amount had been pa