KHARK PETROCHEMICAL COMPANY Vs. HAZEL MERCANTILE LIMITED

JUDGEMENT

(1.) This is an Application for grant of interim relief in the Suit instituted for decree on a foreign award dated 7 th September 2018 passed by the Aribtral Tribunal in Arbitration Case No. 36/P/95/26 under the Rules of Arbitration Center of Iran Chamber ("ACIC") in Iran, in favour of the Plaintiff and against the Defendant.

(2.) The background facts can be summarised as under:

(3.) By this Interim Application, the Plaintiff seeks a direction to the Defendant to secure the amount as awarded under the said foreign award dtd. 7/9/2018 by depositing the said amount in this Court or furnishing an unconditional bank guarantee in the said sum. In the alternative, the Plaintiff seeks disclosure of assets of the Defendant and injunction to restrain the Defendant from creating any third party interest in whatsoever manner, in the movable and immovable property of the Defendant or otherwise selling, diluting or dealing with the shares as disclosed by the Defendant in the consolidated financial statement of Defendant, filed with the Registrar of Companies, during the pendency of the Suit.