QATAR HOLDING LLC Vs. BYJUS INVESTMENTS PTE LTD.

JUDGEMENT

(1.) These petitions are filed under Sec. 9 of the Arbitration and Conciliation Act, 1996 read with Rule 9 of the Arbitration(Proceedings before the Court) Rules, 2001.

(2.) The Petitioner is a company duly incorporated under the laws of Qatar and has its principal place of business at the address as mentioned in the cause title. The Petitioner makes investments in companies world wide with the objective of capital formation for the investee companies, to generate long-term capital appreciation for itself. The petitioner entered into a Cash-Settled Option Transaction pursuant to a long-form confirmation letter dtd. 7/9/2022 with respondent No. 1 to part-finance the acquisition by the letter of 17,891,289 equity shares ("Aakash Shares") of a public limited company named Aakash Educational Services Limited having its registered office at Bengaluru (Aakash).

(3.) Respondents No.1 and 2 filed the statement of objections. In the statement of objections, it is contended that the petitions and I.A.s arise in context of an Arbitration between the parties. The Arbitration is seated in Singapore, and is conducted as per the arbitration rules of SIAC. The petitioner commenced the Arbitration in accordance with the Arbitration Agreement contained in certain financing documents, i.e., the confirmation letter and Deed of personal guarantee, executed between the parties. It is contended that the contractual framework between the parties includes an English law governed by the "confirmation letter" between the petitioner and respondent no.1 and a deed of personal guarantee was executed by respondent no.2 in favour of the petitioner, both dtd. 7/9/2022. These agreements were to facilitate a loan of USD 150 Million given by the petitioner to respondent no.1, which was to be repaid in accordance with the confirmation letter. The financing documents each contained an arbitration clause which provide for disputes to be referred to arbitration, seated in Singapore, to be conducted in accordance with the Singapore International Arbitration Centre Rules (SIAC Rules).