PRIDE OF ASIA FILMS Vs. ESSEL VISION

JUDGEMENT

(1.) THIS Chamber Summons is to set aside a warrant of attachment of 29th May, 2003 issued in an execution proceeding arising out of what is purported to be an Arbitral Award dated 6th September, 2002. The applicant seeks a declaration that there is no executable decree or decree on Award in favour of the complainant under the Arbitration and Conciliation Act, 1996.

(2.) IN order to appreciate the submissions which have been urged before the Court, it would be necessary to advert to the relevant facts. The claimant in the arbitral proceeding is the complainant while the applicant in support of the Chamber Summons is the party against whom purportedly an award is passed.

(3.) ON 29th March, 1993, a Deed of Assignment was entered into between the applicant and the complainant by which the complainant assigned certain rights in respect of two films in favour of the applicant. On 5th November 2001, the complainant lodged a claim before the Film Makers Combine (FMC)seeking to recover from the applicant a total amount of Rs. 1. 25 crores inter alia on account of damages for the loss of the negatives of one of the said two films by the name of "naami Chor. "