MICHAIL ARHANGELOS SA Vs. STAR MATRIX & ORS.

JUDGEMENT

(1.) The Petitioner which is a company incorporated in Marshal Islands, has filed this petition under Section 9 of the Arbitration and Conciliation Act 1996 ('Act') seeking interim reliefs against Respondent No. 1, a company incorporated in Hong Kong, the Punjab National Bank ('PNB') at New Delhi (arrayed as Respondent No. 2) and the Punjab National Bank at Hong Kong (arrayed as Respondent No. 3) in which Respondent No. 1 holds an account. An agreement was entered into between the Petitioner and Respondent No. 1 on 2nd April, 2010 in terms of which Respondent No. 1 purchased from the Petitioner a ship for a total purchase consideration of USD 1.1 Million (US Dollars One Million One Hundred Thousand). Clause 2 of the said agreement deals with the mode of payment and reads as under;

(2.) Also relevant for the purposes of the present petition is Clause 12 of the agreement which reads as under:

(3.) According to the Petitioner, the Respondents failed to make complete payment. There was a balance amount of USD 360,788/- that was to be paid to the Petitioner as on 5th May, 2010. An Addendum was entered into between the parties whereby Respondent No. 1 assured payment of USD 100,000/- by 9th May, 2010. On 2nd August, 2010, Respondent No. 1 informed the Petitioner that he had made payment of USD 860,000. However, the Petitioner maintained that it had received only 19,000/- Euros.