Calcutta High Court
Armada (Singapore) Pte Limited vs Gujarat Nre Coke Limited on 13 May, 2016
Author: Debangsu Basak
Bench: Debangsu Basak
ORDER SHEET
EC 1129 of 2015
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
ARMADA (SINGAPORE) PTE LIMITED
Versus
GUJARAT NRE COKE LIMITED
BEFORE:
The Hon'ble JUSTICE DEBANGSU BASAK
Date : 13th May, 2016.
Mr.Ranjan Bachawat, Sr. Adv.
Mr.S.K.Bajoria, Adv.
Mr.Rudraman Bhattacharyya, Adv.
Mr.Sandeep Sreekukmar, Adv.
Mr.K.Chatterjee, Adv.
..for the petitioner Mr.Jishnu Saha, Sr. Adv.
Mr.M.S.Tiwari, Adv.
Ms.Arpita Saha, Adv.
Mr.S.Tiwari, Adv.
The Court: The application is for execution of a foreign award. The claim of the award holder has not been satisfied in its entirety.
The judgement debtor has filed an affidavit-in-opposition and an affidavit disclosing the assets available to it. 2
Learned senior counsel for the judgement debtor has referred to a joint- deed of hypothecation and has submitted that the assets disclosed in the affidavit are either mortgaged, charged or hypothecated in favour of the lenders of the judgement debtors.
Learned senior advocate for the award holder has prayed for an order of injunction restraining the judgement debtor from disposing of its assets. He has also prayed for a direction that the person affirming the affidavit as to assets be directed to be present in Court examined by the award holder.
In such circumstances, there will be an order of injunction restraining the judgement debtor from dealing with and/or disposing of its fixed assets save in the usual course of business.
Learned senior counsel for the award holder has referred to the schedule-B to the affidavit of assets affirmed on May 11, 2016 and has submitted that there are two wholly owned subsidiaries of the judgement debtor and that there should be an order of injunction on the transfer of share-holding held by the judgement debtor in respect of those two companies.
It does not appear from the documents disclosed by the judgement debtor that the shares held by the judgement debtor in the two Indian Wholly Owned Subsidiaries are charged in favour of any lender.
3
In such circumstances, the judgement debtor is restrained from selling and/or transferring and/or encumbering and/or creating any third party right over the shares held by it in the two Indian Wholly Owned Subsidiaries described in schedule - B to the affidavit affirmed on May 11, 2016.
The person affirming the affidavit affirmed on May 11, 2016 will be present in Court on June 9, 2016 for the purpose of examination by the award holder.
List the execution application on June 9, 2016.
(DEBANGSU BASAK, J.) dg2