Ashok Kumar Goel & ORS. v. Ebixcash Limited (Formerly Ebixcash Private Limited) & ORS.
$~33 *
IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(EFA)(COMM.) 3/2024& EX.APPL.(OS) 52/2024, EX.APPL.(OS) 53/2024, EX.APPL.(OS) 54/2024,EX.APPL.(OS) 55/2024, EX.APPL.(OS) 56/2024, EX.APPL.(OS) 57/2024 ASHOK KUMAR GOEL & ORS.
..... Decree Holder Through:
Mr. Nitesh Jain, Mr. Ketan Gaur, Mr.
Atul Jain, Mr. Rajendra D. and Ms.
Preksha Gupta, Advs.
versus EBIXCASH LIMITED (FORMERLY EBIXCASH PRIVATE LIMITED) & ORS.
..... Judgement Debtor Through:
Mr. Ajay Verma, Sr. Adv., Mr. Rajat Sehgal, Mr. Aditya Swarup, Ms.
Mehaq Rao, Mr. Ribhav Pandey and Mr. Samyak Jain, Advs. for R-1 to 4.
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
O R D E R
% 13.03.2024 1.
This is a petition seeking amongst others the following prayers:- "a) Pass an order recognising that the Arbitral Award dated 1 September 2023 passed in SIAC Arbitration No. 277 of 2020 (consolidated with ARB278/20/CCH, ARB279/20/CCH, ARB280/20/CCH and ARB281/20/CCH by the SIAC Court) under the SIAC Rules by the Arbitral Tribunal comprising of sole arbitrator Lord Neuberger of Abbotsbury is enforceable and deem it to be a decree of this Hon'ble Court under Section 49 of the Arbitration and Conciliation Act, 1996; b) Execute the Arbitral Award dated 1 September 2023 passed in SIAC Arbitration No. 277 of 2020 (consolidated with ARB278/20/CCH, ARB279/20/CCH, ARB280/20/CCH and ARB281/20/CCH by the SIAC Court) under the SIAC Rules by the arbitral tribunal comprising of sole arbitrator Lord Neuberger of Abbotsbury as a decree of this Hon'ble Court in such mode and manner prescribed under Order XXI of the Code;
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
......"
2.
Mr. Verma, learned senior Counsel for the judgment-debtor on instructions states that the judgment-debtor is ready and agreeable to make the payment in terms of the award.
3.
Hence, in terms of Sections 48 and 49 of the Arbitration and Conciliation Act, 1996, I am satisfied that the foreign award is enforceable and the award shall be deemed to be a decree of this Court. 4.
The entire award amount along with interest as agreed between the parties shall be paid as under:- Schedule of Payment Awarded Amounts:
INR 7,05,49,736 + SGD 187,681.06 (INR 1,16,70,008) (converted to INR as per the exchange rate of 1 SGD = INR 62.18) along with interest at 6.5% p.a. compounded annually from 1 September 2023.
Particulars Total Amount Amount to be Outstanding Due paid Amount On or before 31 Principal7,22,19,744 1,31,04,077 March 2024 8,22,19,744 (Principal of Interest1,00,00,000 and 3104077 Interest of 31,04,077) On or before 15 Principal - 5,22,19,744 2,01,92,916 April 2024 7,22,19,744 (Principal of Interest2,00,00,000 and 1,92,916 Interest of The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
1,92,916) On or before 30 Principal - 3,22,19,744 2,01,39,491 April 2024 5,22,19,744 (Principal of Interest - 2,00,00,000 and 1,39,491 Interest of 1,39,491) On or before 15 Principal - 3,23,05,810 May 2024 3,22,19,744 (Principal of Interest- 86,066 3,22,19,744 and Interest of 86,066) Total 8,57,42,294 5.
Binding the judgment-debtor to the statement made on behalf of the counsel, this execution petition is disposed of. 6.
In case the schedule is not adhered to in letter, spirit and intent, the decree-holder shall be entitled to revive the execution as well as all appropriate proceedings available in law.
7.
The interim order dated 19.01.2024 shall continue till the entire payment is made in terms of the agreed schedule. 8.
With these directions, the petition is disposed of granting liberty as aforesaid.
MARCH 13, 2024/NG JASMEET SINGH, J The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.