( 1 ) THE above named petitioners have filed the present application for enforcement of foreign award (award of the London Court of International arbitration No. 1291) dated 28. 5. 2003 under Part-II Chapter-I of the Arbitration and conciliation Act, 1996 (hereinafter referred to as the Act and for execution thereof.

( 2 ) THE relevant facts leading to the filing of the present application, in brief, are that petitioner No. 1 Alcatel India Limited had supplied to respondent No. 1 Koshika Telecom Limited, telecom equipments for a contract price of Rs. 207. 80 crores pursuant to certain agreements entered in 1996. It is alleged that in breach of the contract, Koshika did not pay any monies for the telecom equipments supplied to it. On 07. 9. 2000 petitioners no. 1 and 2 on one hand and respondents No. 1 to 3 on the other had entered into a settlement agreement under which the respondents were made jointly and severally liable to pay to Alcatel India Limited a total sum of Rs. 75. 00 crores in two instalments. First instalment of Rs. 35. 00 crores was to be paid within 45 days of the settlement agreement i. e. by 22. 10. 2000 and the second instalment of balance amoun