PENN RACQUET SPORTS Vs. MAYOR INTERNATIONAL LTD

JUDGEMENT

(1.) This application has been moved under Section 148 Code of Code of Civil Procedure to seek enlargement of time for filing of objections under Section 48. For the reasons stated in the application, the same is allowed.

(2.) The decree holder is a company based in Arizona, USA while the judgment debtor is an Indian company at New Delhi. On 1.1.2003 decree holder entered into a Trade Mark License Agreement (TLA) with the Defendant, whereunder the decree holder had granted the judgment debtor license to use the trademark "Penn" for use in certain territories for certain products. In consideration of the said license, the judgment debtor agreed to pay annual royalty to the decree holder. This agreement was effective initially from 1.1.2003 to 31.12.2005. A second TLA was executed for the period 1.1.2006 to 31.12.2009, on similar terms and conditions.

(3.) Clause 18 of the said TL As contained an arbitration clause for settlement of any dispute with regard to construction, meaning and effect of provisions of the agreement by arbitration of the International Chamber of Commerce (ICC), Paris. Clause 17 of the said TL As provided that the agreement shall be governed by, and in accordance with, the laws of Austria.