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IN THE HIGH COURT OF DELHI AT NEW DELHI
JASMEET SINGH
Rescom Mineral Trading Fze – Appellant
Versus
Rashtriya Ispat Nigam Limited – Respondent
JUDGMENT :
JASMEET SINGH, J.
1. This is a petition filed under section 9 of the Arbitration and Conciliation Act, 1996 (“1996 Act”) seeking the following prayers:-
“(i) Pass an order directing Respondent No. 1 to secure the Petitioner’s claim by furnishing security in the form of a cash deposit or an unconditional Bank Guarantee of a nationalized bank of an amount totaling USD 1,65,35,071.76 equivalent to INR 1,39,01,03,482.86 together with interest at 18% p.a. hereof till the realisation of its claim by the Petitioner; or
(ii) Pass an order directing status quo, attachment, preservation, interim custody, or sale of the stock of approximately 81,300 MT of freshly mined and washed blackwater soft coking coal belonging to Respondent No. I and lying/incoming at the port and harbour of Respondent No. 2; and/or
(iii) Pass an order of injunction against Respondent No. 2 and its servants and/ or agents and/ or assigns from giving delivery, physical or constructive, or causing delivery to be given, to Respondent No. 1, its servants and / or agents and / or assigns of the cargo to the tune of approximately 81,300 MT of freshly mined and washed blackwater soft coking coal lying/incoming at the pr
The financial distress of a party cannot justify securing unadjudicated claims as interim relief under Section 9 of the Arbitration Act; a prima facie case, balance of convenience, and irreparable ha....
The main legal point established in the judgment is that the Court applied the principles of strong prima facie case and weighing the balance of convenience in favor of the respondent company in gran....
The court upheld the validity of interim relief under Section 9 of the Arbitration Act, emphasizing that strict adherence to procedural rules is not mandatory if a prima facie case exists.
The main legal point established in the judgment is the wide powers of the court under Section 9 of the Arbitration and Conciliation Act, 1996 to grant interim measures and protect the subject matter....
The Emergency Arbitrator's decision is binding and enforceable under Section 9 of the Arbitration Act, emphasizing party autonomy and the need for compliance with interim orders.
Once an Arbitral Tribunal is constituted, Section 9 of the Arbitration Act prohibits further applications for interim relief unless the party shows that the remedy under Section 17 is ineffective.
Section 9 of Arbitration and Conciliation Act grants wide powers to courts for securing amounts in dispute to prevent asset diminishment before enforcement of arbitral awards.
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