JAGSON INTERNATIONAL LIMITED Vs. ODEBRECHT PERFURACOES LIMITED

JUDGEMENT

(1.) The petitioners approached this Court by filing the present petition under Section 20 of the Arbitration Act, 1940, against the respondents. The petition was admitted and notice was issued to the respondents. I.A.No. 3958/93 was filed as an interim application, inter alia, for restraining respondents 1 to 4 from :-

(2.) The respondent no. I fell aggrieved by the interim order made by this Court on April 21,1993, filed I.A.No. 4096/93 praying for vacation of the above said order. Notice of the application was issued to the petitioners through counsel for 5th May, 1993. Then, respondent no.5 also felt aggrieved by the order of status quo made on April 21, 1993, and moved an Interlocutory Application No. 4352/93 for vacation of stay, which came up for hearing on April 29, 1993, when notice was issued to the petitioners, as well as, to the respondent no.1 through counsel and respondents 2 to 4 for 5th May, 1993. Meanwhile, the order dated April 21,1993, was impugned before the Hon'ble Supreme Court by means of a petition for Special Leave to Appeal No. 6811/93, which requested this Court to take up the matter immediately on a day to day basis and dispose of the same with the utmost expedition. The matter was taken up on Board on 3rd May, 1993 and the arguments concluded on 5th May, 1993.

(3.) The facts briefly stated in the petition are that the petitioner no. I is a company, duly incorporated under the Indian Companies Act, 1956, having its registered office at 5, Krishna Menon Lane, New Delhi-110011 and is engaged in the business operations including the one of providing drilling rigs platforms, ships and vessels, boats and support services in the field of oil exploration. The petitioner no.2 is a company, incorporated in pursuance of a joint venture between the petitioner no. I and respondent no. I. Respondent no. 1 is a company incorporated under the laws of Brazil, having its office at Rio de Janeiro B.J., Brazil.