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Mumbai: The Bombay high court last week imposed Rs 20 lakh cost on builder and former Rajya Sabha MP Sanjay Kakade of Kakade Construction Co Ltd, its other director Usha Kakade and the company and dismissed it’s appeals relating to an international commercial arbitration award against it. The appeals were not maintainable, the HC held.
The Kakades must pay Rs 10 lakh to Vistra and Rs 10 lakh to the State Legal Services Authority, directed a division bench of Justices M S Sonak and Jitendra Jain in a Dec 14 judgment.
The matter pertains to a 2014 arbitral award of Rs 178 crore, plus interest, against them over certain contracts with Vistra ITCL (India) Ltd, formerly known as IL&FS Trust Company Limited, and Mauritius-headquartered IIRF Holdings III Limited.
Vistra and IIRF had sought recovery of Rs 276 crore from Kakades to enforce the award that was passed by consent. In 2017, Vistra also moved the HC for appointment of a court receiver, which the HC did in Aug 2018, for certain disputed properties of the builder.
The HC said the Supreme Court had already in 2016 analysed the Arbitration and Conciliation Act and the Commercial Courts Act and given a harmonious interpretation to provisions governing appeals to eschew any delays in enforcement of foreign arbitral awards.
The SC had underscored that arbitration is meant to be a speedy resolution of disputes. Senior counsel P Chidambaram and Navroze Seervai appeared for Kakade and Karan Bhosale for Kakade Construction. Senior counsel Aspi Chinoy and Gaurav Joshi represented Vistra and IIRF.
Mumbai: The Bombay high court last week imposed Rs 20 lakh cost on builder and former Rajya Sabha MP Sanjay Kakade of Kakade Construction Co Ltd, its other director Usha Kakade and the company and dismissed it’s appeals relating to an international commercial arbitration award against it. The appeals were not maintainable, the HC held.
The Kakades must pay Rs 10 lakh to Vistra and Rs 10 lakh to the State Legal Services Authority, directed a division bench of Justices M S Sonak and Jitendra Jain in a Dec 14 judgment.
The matter pertains to a 2014 arbitral award of Rs 178 crore, plus interest, against them over certain contracts with Vistra ITCL (India) Ltd, formerly known as IL&FS Trust Company Limited, and Mauritius-headquartered IIRF Holdings III Limited.
Vistra and IIRF had sought recovery of Rs 276 crore from Kakades to enforce the award that was passed by consent. In 2017, Vistra also moved the HC for appointment of a court receiver, which the HC did in Aug 2018, for certain disputed properties of the builder.
The HC said the Supreme Court had already in 2016 analysed the Arbitration and Conciliation Act and the Commercial Courts Act and given a harmonious interpretation to provisions governing appeals to eschew any delays in enforcement of foreign arbitral awards.
The SC had underscored that arbitration is meant to be a speedy resolution of disputes. Senior counsel P Chidambaram and Navroze Seervai appeared for Kakade and Karan Bhosale for Kakade Construction. Senior counsel Aspi Chinoy and Gaurav Joshi represented Vistra and IIRF.
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