Bombay High Court
Hindustan Oil Exploration ... vs Ultra Deep Subsea Pte Ltd. And Anr on 8 February, 2022
Bench: S.J. Kathawalla, Milind N. Jadhav
KANCHAN Digitally signed by
KANCHAN
PRASHANT PRASHANT DHURI
Date: 2022.02.08
DHURI 19:41:52 +0530
Kanchan P Dhuri 1 / 4 26-COMAPL-30641-2021.odt
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMMERCIAL APPEAL (L) NO. 30641 OF 2021
IN
COMMERCIAL ARBITRATION PETITION (L) NO. 22272 OF 2021
Hindustan Oil Exploration Company Limited ... Appellant
Versus
Ultra Deep Subsea Pte. Ltd. and another ... Respondents
WITH
INTERIM APPLICATION (L) NO. 30648 OF 2021
IN
COMMERCIAL APPEAL (L) NO. 30641 OF 2021
.........
Mr. Sunil Mathews alongwith Mr. Sumit Raghani instructed by Agrud Partners for the
Appellant.
Mr. Zarir Bharucha alongwith Bimal Rajasekhar and Chandrashekhar Haridh and Mr.
Rohan Pajnigar instructed by ZBA Advocates and Solicitors for Respondent No.1.
.........
CORAM : S.J. KATHAWALLA AND
MILIND N. JADHAV, JJ.
DATED : FEBRUARY 8, 2022.
(through video-conferencing)
P.C. :-
1. Heard the Learned Advocates appearing for the Appellant and
Respondent No.1. The reliefs sought against Respondent No.2 are not pressed.
2. The Court is informed today that the Appellant (Respondent No.1
before the Learned Single Judge) and Respondent No.1 (Petitioner before the Learned
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Single Judge) have agreed to settle their dispute.
3. The dispute between the Parties has arisen out of a Time Charter Party
dated 25th January 2021 for time charter hire of the Respondent No.1's Diving Support
Vessel Lichtenstein by the Appellant. Respondent No.1 claimed that the Appellant
defaulted in payment of an admitted liability of USD 6,212,831.67 (United States
Dollars Six Million Two Hundred and Twelve Thousand Eight Hundred and Thirty
One Dollars and Sixty Seven Cents Only) against various Invoices raised by the
Respondent No. 1 under the Time Charter Party, which according to it had not been
disputed. Respondent No.1's case was vehemently opposed by the Appellant on
various grounds. After hearing the Parties, the Learned Single Judge vide impugned
Judgment and order dated 13th December 2021, inter-alia directed the Appellant to
deposit a sum of USD 6,212,831.67, under Section 9 of the Arbitration and
Conciliation Act, 1996.
4. Against a total amount of USD 6,212,831.67 (United States Dollars Six
Million Two Hundred and Twelve Thousand Eight Hundred and Thirty One Dollars
and Sixty Seven Cents Only), which the Learned Single Judge vide impugned order
and Judgment of 13th December 2021 ordered to be deposited, the Appellant agrees
and undertakes to pay to Respondent No.1, a sum of USD 5,200,000.00 (United
States Dollars Five Million and Two Hundred Thousand Only) as full and final
settlement against the claims of both the Parties arising out of the Time Charter Party
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dated 25th January 2021, subject to compliance by the Appellant of the following terms
and conditions.
5. The Appellant agrees and undertakes to this Court to pay Respondent
No.1 the amount of USD 5,200,000.00 (United States Dollars Five Million and Two
Hundred Thousand Only), in four equal installments in accordance with the payment
schedule specified below-
(i) An amount of USD 1,400,000.00 (United States Dollars One Million
Four Hundred Thousand Only) on/before 8th February 2022;
(ii) An amount of USD 333,334.00 (United States Dollars Three Hundred
and Thirty Three Thousand Three Hundred and Thirty Four Only) on or before 17th
February 2022;
(iii) An amount of USD 1,733,333.00 (United States Dollars One Million
Seven Hundred and Thirty Three Thousand Three Hundred and Thirty Three Only)
on or before 31 March 2022; and
(iv) An amount of USD 1,733,333.00 (United States Dollars One Million
Seven Hundred and Thirty Three Thousand Three Hundred and Thirty Three Only)
on or before 31st May 2022.
6. In the event that the Appellant fails to make full and timely payment in
accordance with the payment schedule, set out in Paragraph 4 above, the aggregate
amount of USD 6,212,831.67 (less the amounts already paid, if any by the Appellant to
Kanchan P Dhuri 4 / 4 26-COMAPL-30641-2021.odt
Respondent No.1 under the terms of this Order), shall forthwith become due and
payable by the Appellant to Respondent No.1, whereupon this order shall operate as a
final judgment and decree of this Court in favour of Respondent No.1 and against the
Appellant for the said amount of USD 6,212,831.67, less the amounts already paid (if
any) under this Order and interest thereon at 5% p.a. till payment/ realization, entitling
Respondent No 1 to execute this Order as a final Judgment and decree against the
Appellant. Respondent No.1 shall be at liberty to apply for clarifications, if required.
7. Respondent No.1 shall be entitled to avail of all its rights and remedies in
accordance with law, in the event of the Appellant's default in payment as set out in
paragraph 4 above.
8. This Appeal is accordingly disposed off in accordance with the
aforementioned terms. The above Interim Application also disposed off as
infructuous.
( MILIND N. JADHAV, J. ) ( S.J. KATHAWALLA, J. )
