TOMORROWLAND TECHNOLOGIES EXPORTS LIMITED Vs. MERCANTILE VENTURES LTD

JUDGEMENT

(1.) This is a petition which seeks execution of an ex-parte award dated 23.05.2012. The reply and rejoinder have been filed in the execution petition.

(2.) Mr. Pavan Sachdeva, learned counsel for the decree holder, has argued for enforcement of the award on behalf of the decree holder while Mr. R.V. Prabhat appears for the judgment debtor.

(3.) What has emerged from the record is that the decree holder had entered into an underwriting agreement dated 10.01.1995 with the earlier avatar of the judgment debtor. The earlier avatar of the judgment debtor went by the name Foresight Financial Services Ltd. (FFSL). On account of the disputes obtaining between the decree holder and FFSL, the aforementioned ex-parte award was passed in the background of the following circumstances.