MAYTAS SUBHASH Vs. IRCON INTERNATIONAL LIMITED

JUDGEMENT

(1.) OMP (Enf) (Comm) 37/2021 seeks execution and enforcement of an arbitral award dtd. 6/6/2016. The claimant in the arbitration was M/s Maytas-Subhash JV 'the JV' hereinafter and the contesting respondent before this Court was IRCON International Ltd. The arbitrator awarded an amount of ? 9,44,09,629/- in favour of the JV and against the respondent.

(2.) The present petition has been filed on behalf of Maytas Subash, one of the members of the JV, seeking execution of the aforesaid award. Clause 3 of the Joint Venture Agreement dtd. 12/1/2001, whereby the JV was constituted, read as under:

(3.) Mr. Chandan Kumar, learned Counsel for the respondent questions the authority of SPML to represent the JV. He submits that the JV is, in fact, no longer in existence as all the shares of Maytas-Subhash have been purchased by M/s. IL&FS Engineering and Construction Co Ltd 'IL&FS' hereinafter and, therefore, no JV remains. He also sought to submit that, as per the covenants of the Joint Venture Agreement, the JV would come to an end on the execution of the project.