In Brief
An ICC arbitration tribunal awarded Rs. 45 crore plus interest and costs to respondent investors who had contributed funds for a Special Economic Zone project but were denied their shareholding when promoter-appellants terminated the agreements. The Delhi High Court upheld the award. On appeal to the Supreme Court, rather than deciding the legal challenge, the parties negotiated a settlement. The Court accepted consent terms whereunder the appellants would pay Rs. 107.50 crore total, facilitated through a third party acquiring the shareholding for Rs. 99.44 crore. The judgment records unconditional undertakings by both the appellants and the purchaser, making them enforceable with a 2-month default cure period before the original award becomes executable."
The lawyer headnote and full judgment text are available to registered users.