Rajiv Shakdher, J.:--

EA(OS) 134/2012 (Objections by judgement debtor)

1. These are objections filed by the judgement debtor. By these objections the prayer made is that the execution petition No. 275/2011 filed by the decree holder to enforce the foreign award dated 31.03.2011, which has morphed into a decree, be dismissed.

1.1 By order dated 09.05.2012, both the execution petition, as well as the objections filed by the judgement debtor represented by the captioned application, were disposed of in view of the fact that the aforementioned award was pending challenge in the Court at Ukraine. While disposing of the execution petition though, liberty was given to either party to revive the proceedings, as the case may be – a course which was dependent on the outcome of the process pending in the Ukrainian Court.

2. Upon completion of the process under the Ukrainian Law, steps were taken by the decree holder for revival of the execution proceedings.

2.1 Counsels for the parties are agreed that the judgement debtor has exhausted its remedies under the Ukrainian law. I must also indicate herein that parties had attempted settlement in the matter which failed, whereupon arguments we