In Brief
Urban Infrastructure Real Estate Fund obtained an arbitral award of Rs. 78.33 crore against Dharmesh S. Jain. The High Court granted a conditional stay of the award, requiring the defendants to deposit 50% of the amount within twelve weeks. The defendants obtained multiple extensions but failed to comply. The Supreme Court extended time twice but the defendants still did not deposit the amount. The Court held the defendants guilty of civil contempt for willfully disobeying the High Court's order and the Supreme Court's subsequent orders directing deposit. The Court rejected the defendants' argument that contempt proceedings were inappropriate when execution proceedings were available, finding that the defendants had deliberately exploited extended timelines to delay execution and had contradicted their own positions across different proceedings.
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