PUEBLO HOLDINGS LIMITED Vs. EMIRATES TRADING AGENCY LLC

JUDGEMENT

(1.) Execution Petition No.52 of 2021 (the Third EP) is filed by Pueblo Holdings Limited, a company incorporated under the laws of the Republic of Marshall Islands. The Petitioner is the Award Holder under Arbitral Awards dtd. 9/4/2017 and 6/8/2017 (the Foreign Awards) in a foreign seated arbitral proceeding instituted by it against Emirates Trading Agency LLC, which is the first Respondent herein. By the Foreign Awards, an aggregate sum of INR 222,02,22,206.92 was directed to be paid by the first Respondent to the Award Holder. Upon calculating interest thereon, the Award Holder claims that a sum of INR 461,65,63,742.40 is due and payable by the first Respondent to the Award Holder. In addition, the Award Holder claims costs of INR 74,71,854.93.

(2.) O.P.No.416 of 2018 was filed by the Award Holder before this Court under Ss. 47 and 49 of the Arbitration and Conciliation Act, 1996 (the Arbitration Act). By order dtd. 2/11/2018 in O.P.No.416 of 2018, this Court held that the Foreign Awards are enforceable as a decree of this Court. Pursuant thereto, the Award Holder filed E.P.No.40 of 2019 (the First EP) and E.PNo.55 of 2019 (the Second EP) (collectively the Earlier EPs) in relation to the alleged assets of the Award Debtor. Both the Earlier EPs are pending at different stages. The admitted position is that the Award Holder has not realized any money towards part or full satisfaction of the Foreign Awards. By the Third EP, the Award Holder seeks to enforce the decree against the Award Debtor by attaching assets held in the names of Respondents 2-17.

(3.) Towards such end, an attachment is sought in respect of: (i) a debt of United Arab Emirates Dinar (AED) 6.35 million, which is alleged to be owed by the 4th Respondent/Arif Rahman Buhary to the Award Debtor; (ii) a debt of AED 0.69 million, which is alleged to be owed by the second Respondent/Syed Mohamed Salahuddin to the Award Debtor; (iii) shares allegedly held ostensibly by Respondent 2 in Respondents 9-12 and 14 for the benefit of the Award Debtor ; (iv) shares held allegedly ostensibly by Respondent 3 in Respondents 9-12 for the benefit of the Award Debtor; (v) shares held allegedly ostensibly by Respondent 4 in Respondents 9-12 for the benefit of the Award Debtor; (v) shares held allegedly ostensibly by Respondent 5 in Respondent 11 for the benefit of the Award Debtor; (vi) shares held allegedly ostensibly by Respondent 7 in Respondent 9 for the benefit of the Award Debtor; (vii) shares held allegedly ostensibly by Respondent 8 in Respondent 9 for the benefit of the Award Debtor; (viii) shares held allegedly ostensibly by Respondents 9 and 15 in Respondent 13 for the benefit of the Award Debtor. In addition, the Award Holder seeks issuance of precepts under Sec. 46 of the Code of Civil Procedure, 1908 (the CPC) to the High Court of Karnataka to make an order under Order XXI Rule 49(2) CPC to charge the partnership interest of Respondents 9,10,11,16 and 17 in Respondent 15, which is a partnership firm under the name and style of ETA Star Infopark.