JUDGMENT

Sanjeev Narula, J. - The present petition under Section 9 of the Arbitration and Conciliation Act, 1996 [hereinafter, 'the Act'] seeks interim measures for securing the amount in dispute in arbitration payable in terms of a Guarantee Letter dated 26th June, 2008 issued by the Respondent as well as injunctive reliefs restraining the Respondent from selling, transferring or otherwise disposing of and/ or creating any encumbrances on its assets during the pendency of the arbitration proceedings.

PARTIES TO THE DISPUTE

2. The Petitioner - SEGCL Electric Group Co. Ltd. [hereinafter, 'SEGCL'] is a company incorporated and having its registered office in the People's Republic of China, and is inter alia, engaged in the business of supplying equipment and services relating to the design, engineering, manufacturing, installation of the main body of turbines and generators and the supervision of erection and commissioning of boilers, turbines and generators, including associated accessories and spare parts.

3. The Respondent - Reliance Infrastructure Limited [hereinafter, 'RELIANCE'] is a company incorporated having its registered office in India, and is inter alia, engaged in the business of operating and carrying out engineering, procurement and construction services for various power projects, including thermal power plants.

FACTS

4. SEGCL entered into an 'Equipment Supply and Service Contract' dated 26th June, 2008 [hereinafter, 'Contract'] with a subsidiary of RELIANCE viz. Reliance Infra Projects (UK) Limited [hereinafter, 'Reliance UK'] - under which, SEGCL was engaged as the contractor to, inter alia, supply equipment, erect the main body of the turbines and generators, and provide supervision services to Reliance UK in relation to erection and commissioning of six units of boilers, turbines and generators, including associated accessories and spare parts, for construction of the coal-fired super critical thermal ultra-mega power project at Sasan, Madhya Pradesh, India [hereinafter, 'Sasan UMPP'].

5. Under the Contract, Reliance UK was obliged to, inter alia, pay SEGCL a lump sum contract price of US$ 1,311,000,000 (approx. INR 9,641 crores), which comprised the equipment supply price of USS 1,286,000,000 (approx. INR 9,457 crores) and the services price of US$ 25,000,000 (approx. INR 184 crores).

6. With a view to secure performance of obligations of Reliance UK, RELIANCE issued a Guarantee Letter dated 26th June, 2008, guaranteeing Reliance UK's due performance of all, including payment, obligations under the Contract [hereinafter, 'Guarantee Letter'].

7. In compliance with the terms of the Contract, SEGCL submitted the Contract Performance Guarantee and Advance Bank Guarantee to RELIANCE and received the first 5% of the contract price on 24th July, 2008.

8. On 30th March, 2015, Sasan UMPP was commissioned and the last consignment of spare parts was delivered on 23rd November, 2017.

9. As of August, 2019, SEGCL was owed an amount of US$ 135,320,728.42 (approx. INR 995 Crores) under the Contract, for which, a notice of dispute dated 23rd August, 2019 was issued to RELIANCE seeking inter alia compliance of its obligations under the Guarantee Letter and curing of Reliance UK's breach of obligations by making good the payments of sums owed by Reliance UK to SEGCL, within 60 days of the notice.

10. Owing to non-compliance of the afore-noted notice of dispute, SEGCL invoked arbitration against RELIANCE vide notice dated 13th December, 2019. The arbitration proceedings seated in Singapore and administered by Singapore International Arbitration Centre ('SIAC') Registered as SIAC Arbitration No. 448 of 2019. and United Nations Commission on International Trade Law ('UNCITRAL') Rules have since commenced.

11. It is SEGCL's case that ever since it commenced arbitration, RELIANCE has been in the process of hurriedly dissipating its assets, which, it believes, is to deprive it of the fruits of arbitral award likely to be passed in its favour.