SE INVESTMENTS LTD. Vs. ARCH PHARMALABS LTD.

JUDGEMENT

(1.) This is the Respondents' Chamber Summons in an execution application. The claimant in the execution application seeks to execute an arbitral award in Mumbai; in pursuit of that execution application it has got warrants of attachment issued, and has had property attached. The Respondents say the execution application must be dismissed, the attachments raised, and the warrants of attachments dated 14th Sept. 2016 vacated and set aside.

(2.) The award holder, SE Investments Ltd ("SEIL") lent money to the Respondents-Applicants, Arch Pharmalabs Ltd and others (together, "Arch Pharma"). The parties executed loan agreements and deeds of hypothecation. SEIL claimed Arch Pharma defaulted, and filed OMP No.696 of 2013 under Sec. 9 of the Arbitration and Conciliation Act 1996 ("the Arbitration Act") before the Delhi High Court. On 19th July 2013 the Delhi High Court granted an ex parte ad-interim restraint against Arch Pharma from alienating immovable properties. The Delhi High Court finally disposed of the Sec. 9 petition on 11th Nov. 2013 with a direction to the sole arbitrator appointed by that date to treat the petition as an application under Sec. 17 of the Arbitration Act.

(3.) On 27th Oct. 2015, the Sole Arbitrator delivered an Award in the amount of Rs.4,21,74,999.00 and interest in favour of SEIL.