Madras High Court
Engineering Maintenance Company ... vs Edac Engineering Limited on 6 August, 2021
E.P.No.36 of 2020 and
O.A.No.743 of 2020
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 06.08.2021
CORAM
THE HON'BLE Mr. JUSTICE V.PARTHIBAN
E.P.No.36 of 2020 and
O.A.No.743 of 2020
Engineering Maintenance Company (EMCO) LLC
Having its registered office at
P.O.Box 3532, Abu Dhabi,
United Arab Emirates (UAE),
Rep by its Authorized Signatory C.Saranya
... Petitioner
Vs.
EDAC Engineering Limited,
Having its registered office at
No.97, Mount Road (Anna Salai)
Guindy, Chennai 600 032,
and having its principal office at
No.88, Mount Road (Anna Salai)
Little Mount, Guindy, Chennai 600 032.
... Respondent
Prayer : Petition filed under Section 44-A read with Order XXI Rules
11(2) and 43 of the Code of Civil Procedure, 1908, to order the execution
of the Foreign Arbitral Award dated November 14,2019 passed in the
United Arab Emirates in Claim No.5 of 2018, Abu Dhabi Court of
Appeal as confirmed in the case No.14-2020 Appeal, Abu Dhabi
1
https://www.mhc.tn.gov.in/judis/
E.P.No.36 of 2020 and
O.A.No.743 of 2020
Arbitration Procedures Request before the Abu Dhabi Court of Appeal –
First Commercial Appeal Circuit by attachment and or sale of shares
owned/held by the respondent in the companies more fully mentioned in
the schedule to the Execution Petition.
For Petitioner :Mr.S.Aravindan
For Respondent :Mr.V.Suresh for
Mr.Shivakumar and Suresh
ORDER
This petition has been filed to order the execution of the Foreign
Arbitral Award dated November 14,2019 passed in the United Arab
Emirates in Claim No.5 of 2018, Abu Dhabi Court of Appeal as
confirmed in the case No.14-2020 Appeal, Abu Dhabi Arbitration
Procedures Request before the Abu Dhabi Court of Appeal – First
Commercial Appeal Circuit by attachment and or sale of shares
owned/held by the respondent in the companies more fully mentioned in
the schedule to the Execution Petition.
2. When the matter is taken up for hearing, the learned counsel for
the petitioner submitted that a settlement agreement dated 19.04.2021,
has been entered into between the contesting parties and a copy of the
https://www.mhc.tn.gov.in/judis/
E.P.No.36 of 2020 and
O.A.No.743 of 2020
same is enclosed along with the memo dated 05.08.2021. The contents of
the memo are extracted hereunder:
“MEMO FILED ON BEHALF OF THE
DECREE HOLDER
1. It is submitted that the above execution petition filed by
the decree holder for enforcement of foreign award
against the judgment debtor was for a sum of INR
22,13,17,162 (Indian Rupees Twenty Two Crores Thirteen
Lakhs Seventeen Thousand One Hundred and Sixty-Two).
2. It is submitted that the Decree Holder also filed sought
for interim relief for an order of injunction, viz., O.A. No.
743 of 2020, restraining the Judgment Debtor from
transferring or alienating the shares owned and held by it
in various entities. This Hon'ble Court vide an order
dated 21.12.2020 passed an order of interim injunction as
sought for by the Decree Holder.
3. It is submitted that the Judgment Debtor after taking
notice of the above order, approached the Decree Holder
and expressed its interest to amicably settle the dispute
between the parties. After multiple discussions and
deliberations between the parties, the Decree Holder and
https://www.mhc.tn.gov.in/judis/
E.P.No.36 of 2020 and
O.A.No.743 of 2020
the Judgment Debtor executed a Settlement Agreement
dated 19.04.2021 ("Settlement Agreement"), wherein the
parties agreed to settle all their disputes (previous,
current, and future claims, rights and demands) arising
out of the Joint Venture Agreements upon payment of
AED 7,750,000 (United Arab Emirates Dirhams Seven
Million Seven Hundred and Fifty Thousand only). The
terms of the settlement amount under the Settlement
Agreement are as below:
a. AED 3,875,000 (United Arab Emirates Three Million
Eight Hundred and Seventy Five Thousand only) to be
paid on or before 27.04.2021 by the Judgment Debtor;
and
b. AED 3,875,000 (United Arab Emirates Three Million
Eight Hundred and Seventy Five Thousand only) to be
paid on or before 15.07.2021 by the Judgment Debtor.
4. It is submitted that the Judgment Debtor paid the first
installment on 26.04.2021 and the second installment on
28.07.2021.
5. In light of the above, the Decree Holder has been fully
satisfied of the settlement amount paid by the Judgment
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E.P.No.36 of 2020 and
O.A.No.743 of 2020
Debtor under the Settlement Agreement. The Decree
Holder craves leave of this Hon'ble Court to treat the
Settlement Agreement as part and parcel of this memo.
The Settlement Agreement is enclosed herewith.”
3. The learned counsel appearing for the petitioner has requested
this Court to dispose of this petition in terms of the settlement agreement
dated 19.04.2021 filed along with the memo dated 05.08.2021.
4. The memo filed by the petitioner is taken on record.
Accordingly, this execution petition stands disposed of in terms of the
above referred settlement. No costs. Consequently, connected application
is closed.
06.08.2021
Index : Yes/No
Internet : Yes
gsk
https://www.mhc.tn.gov.in/judis/
E.P.No.36 of 2020 and
O.A.No.743 of 2020
V.PARTHIBAN,J.
gsk
E.P.No.36 of 2020 and
O.A.No.743 of 2020
06.08.2021
https://www.mhc.tn.gov.in/judis/
