Disposed

Hsbc Pi Holdings (Mauritius) Ltd. (Prev. Known as Hpeif Holdings 1 Ltd.) v. Avitel Post Studioz Ltd. and 3 Ors.

Bombay HC25 Apr 2023ARBP/833/2015

Case brief

AI extract

What is this about?

High Court clarified that the Supreme Court order relating to suspension of stay in external commercial borrowing case would continue till disposal of execution proceedings. Respondents directed to file disclosure affidavits within four weeks.

What did the court decide?

Clarification that attachment order shall continue till disposal of execution proceedings.

Hsbc Pi Holdings (Mauritius) Ltd. (Prev. Known as… — Execution and Attachment | Bombay HC (2023)

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901_ARBP833_15.doc

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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ARBITRATION PETITION NO.833 OF 2015

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HSBC PI Holdings (Mauritius) Limited (previously named HPEIF Holdings 1 Limited) Vs.

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Avitel Post Studioz Limited and others

… Petitioner

… Respondents

WITH

NOTICE OF MOTION NO.2475 OF 2016

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Mr. Rohan Rajadhyaksha a/w. Ms. Priyanka Shetty, Mr. Dhaval Vora i/b. AZB & Partners for Petitioner.

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Mr. Haresh Jagtiani, Senior Advocate a/w. Mr. Suprabh Jain, Mr. Pushpvijay Kanoji, Mr. Sumeet Nankani, Mr. Faran Khan, Mr. Sanjay Agarwal, Mr. H. K. Sudhakara, Ms. Aishwarya Kantawala and Ms. Diya Jayan i/b. Prompt Legal for Respondent No.1.

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Mr. Shran Jagtiani, Senior Advocate a/w. Mr. Sumeet Nankani, Mr. Faran Khan, Mr. Sanjay Agarwal, Mr. H. K. Sudhakara, Ms. Aishwarya Kantawala and Ms. Diya Jayan i/b. Prompt Legal for Respondent Nos.2 to 4.

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CORAM : MANISH PITALE, J. DATE : APRIL 25, 2023

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P.C. :

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. By a separate judgement and order passed today, the petition has been allowed in terms of prayer clause (a) and this Court has observed that the petitioner shall now take necessary steps for enforcement / execution of the foreign award.

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At this stage, learned counsel appearing for the petitioner has invited attention of this Court to the order dated 09.09.2022 passed by the Supreme Court in Contempt Petition (C) No.624 of 2020 in C. A. No.5158 of 2016, which was a contempt proceeding initiated against the respondents herein. The Supreme Court in the said order observed as follows:-

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“ It is also clarified that the order of attachment already passed earlier vide Order dated 02.09.2022 is directed to be continued till the disposal of the execution proceedings. We

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MINAL Digitally signedby MINAL SANDIP SANDIP PARABDate: PARAB 2023.04.2518:37:36 +0530

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901_ARBP833_15.doc

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also direct that the execution proceedings be disposed of at the earliest and preferably within a period of 3 months from today.”

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The order dated 02.09.2022 of the Supreme Court specifically refers to the movable and immovable properties of the respondents that stood attached.

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It is clarified that the order of attachment so directed against the respondents shall continue to operate during the pendency of the proceedings for execution to be undertaken by the petitioner. This would necessarily entail the respondents placing on record disclosure affidavits as regards their properties. The disclosure affidavits be placed on record within four weeks from today.

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(MANISH PITALE, J.)

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Minal Parab

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Hsbc Pi Holdings (Mauritius) Ltd. (Prev. Known as Hpeif Holdings 1 Ltd.) v. Avitel Post Studioz Ltd. and 3 Ors.

Case brief

What is this about?

What did the court decide?

Hsbc Pi Holdings (Mauritius) Ltd. (Prev. Known as Hpeif Holdings 1 Ltd.) v. Avitel Post Studioz Ltd. and 3 Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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Hsbc Pi Holdings (Mauritius) Ltd. (Prev. Known as Hpeif Holdings 1 Ltd.) Vs Avitel Post Studioz Ltd. and 3 Ors.