CHATTERJEE PETROCHEM CO Vs. HALDIA PETROCHEMICALS LTD

JUDGEMENT

(1.) On 21st March, 2012, the appellant Chatterjee Petrochem (Mauritius) Company (hereinafter referred to as 'CPMC') filed a request for arbitration in International Chamber of Commerce (ICC), Paris in relation to an agreement of restructuring which was entered into between CPMC, Government of West Bengal, West Bengal Industrial Development Corporation (in short 'WBIDC') and Haldia Petrochemical Limited (in short 'HPL') on 12th January, 2002. As per the Agreement, the Government of West Bengal was to cause WBIDC to transfer existing shareholding to CPMC to ensure that CPMC holds 51% of the total paid up capital of HPL. Clause 15 of the Agreement provides for reference of all disputes, in any way relating to the said Agreement or to the business of or affair of HPL to the Rules of the ICC, Paris.

(2.) The respondent HPL on the other hand, claims that the Arbitration Agreement contained in clause 15 of the Agreement dated 12th January, 2002 is void and/ or unenforceable and/or has become inoperative and/or incapable of being performed.

(3.) A dispute arose between the parties regarding the allotment of shares and the appellant filed Company Petition No. 58 of 2009 before the Company Law Board (in short 'CLB')on the grounds of oppression and mismanagement.