Introduction

1. On 30th August 2014 State Trading Corporation of India Limited (STC), the Decree Holder (DH), filed the present execution petition for execution of the Settlement Agreement (SA) dated 15th November 2011 as modified by Further Settlement Agreement (FSA) dated 17th May 2012 under Section 73 of the Arbitration and Conciliation Act, 1996 (Act) which were final and binding on the parties and were to be treated as an Award under Section 74 read with Section 30 of the Act.

2. The Judgment Debtors (JDs) as stated in the memo of parties are as under:

1. M/S GLOBAL STEEL HOLDINGS LTD.(GSHL)

Registered Office, 1st Floor,

Murdoch House, North Shore Road,

Ramsay, Isle of Man

Channel Islands, IM8 3DY

Also at:-

3, Auckland Terrace,

Parliament Street,

Ramsay, Isle of Man,

1M81AF.

And Also at:-

43, Grosvenor Street, London W1K 3HL

2. M/S GLOBALSTEEL PHILIPPINES

(SPV-AMC) INC. (GSPI)

12/F SGV IBLDG,

3750, AYALAAVE.

Makati City 126, Philippines.

Also at:-

Unit 2703, 27th Floor,

88, Corporate Centre,

Sedeno Corner,

Valero Street, Salcedo Village,

Makati City 1227

Mania [Philippines]

And Also at:-

Suarez Illigan City - 9200,

Philippines.

3. MR. PRAMOD MITTAL

S/o. Shri Mohanlal Mittal,

Chairman

M/S GLOBAL STEEL HOLDINGS LTD.(GSHL)

And M/S GLOBAL STEELPHILIPPINES (SPV-AMC) INC. (GSPI) Suarez Illigan City - 9200, Philippines.

Also at:-

Renaissance Court,

3-5 Woods Mews,

Mayfair, London,

UK-W1K7DN

And Also at:-

M/S BALASORE ALLOYS LTD.,

71, Park Street,

Park Plaza, Kolkata - 7000016.

Contents of the execution petition

3. In Column 5 of the execution petition it is stated that a sum of US$ 72,421,582 had been received by the DH. It is then stated in Column 6 that earlier an execution petition under Diary No. 198662/2012 was filed on 13th December 2012 against the JDs. Since objections were raised by the Registry, the petition was taken back and not re-filed. In Column 7 it is stated that after adjustment of the amount already received, the DH was entitled to receive from the JDs as on 15th August 2014 US$ (USD) 363,561,183.85 equivalent to Rs. 1678,91,83,790 (average exchange rate of 1 USD = Rs. 46.1798, calculated as per the base date of payment by STC to Bank) which was inclusive of interest @ 13.50% per annum. In Column 9, the names of three JDs are set out as entities/persons against whom the execution is sought in the present petition.

4. In Column 10 of the execution petition which specifies the DH to indicate “in what manner Courts assistance is sought”, it is stated as under:

“By issuing warrants of attachment, sale of attached properties, by issuing garnishee orders, and by taking over control of all assets of the Judgment Debtors in India and by issuing certificates to foreign countries declaring the amounts of money not realized in India so that decree can be executed by attached and sale of assets of the Judgment Debtors lying abroad, namely, Philippines, U.K. Bosnia and Nigeria and also by issuing warrant of arrest and detaining the Judgment Debtors in respect of the unrealized amount at the cost and expenses of the Applicant.”

5. The DH has in the execution petition sought execution of the SA and the FSA, as well as the personal guarantee given by Mr. Pramod Mittal, Chairman of GSHL and GSPI, to STC. It is also prayed that orders should be passed for “attaching and selling all the shares and other assets” of JDs 1 and 2 as mentioned in Annexure P-1, P-2 and P-3. Inter alia it is prayed that assets of the JDs lying in Philippines, United Kingdom, Bosnia and Nigeria should be attached and sold.

Applications filed by the DH along with the petition

6. Along with the execution petition the following applications were filed by the DH:

(a) Execution Application No. 697 of 2014 under Order XXI Rule 11 (2) of the Code of Civil Procedure 1908 (CPC) read with Section 151 CPC praying that all the shares and other assets of the JDs 1 as mentioned in Annexure P-1, P-2 and P-3 should be attached and sold; the interest of the J