Disposed

M/S E&M Specialty Co. Inc. v. M/S Interdril Asia Ltd.

Delhi HC12 Feb 2016CO.PET./666/2014

Case brief

AI extract

What is this about?

On a joint application, the Delhi High Court recorded a settlement for payment of foreign currency by the respondent to the petitioner. The court issued the order subject to the respondent obtaining necessary RBI approvals for remittance. The main petition was disposed of, and the ancillary application was also disposed of.

What did the court decide?

Settlement recorded subject to RBI approval for remittance; main petition and concert application disposed of; hearing date cancelled.

M/S E&M Specialty Co. Inc. Vs M/S Interdril… — Contract and Commercial Disputes | Delhi HC (2016)

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$~39

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- CO.PET. 666/2014

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M/S E&M SPECIALTY CO. INC.

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..... Petitioner

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Through: Ms Shruti Munjal, Mr Nikhil Palli & Ms Garima Sachdeva, Advs.

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versus

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M/S INTERDRIL ASIA LTD. ..... Respondent

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Through: Mr Anil Nag, Adv.

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CORAM: HON'BLE MR. JUSTICE RAJIV SHAKDHER O R D E R % 12.02.2016

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CA 466/2016

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This is a joint application filed by the parties herein. This application is accompanied by the affidavits of Power of Attorney holder of the petitioner and the Director of the respondent company. The application bears the signatures of the lawyers of the parties herein.

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In terms of the application, the respondent is required to pay a sum of USD 2,99,384 in eleven monthly instalments, the details of which are set out in paragraph 3(a) of the captioned application. The first instalment of USD 15,000 is to be paid on or before 20.02.2016, while the last instalment i.e. 11^th instalment is to be paid on or before 20.12.2016.

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The prayer made in the application is, to record the settlement entered into between the parties and to pass an order disposing of the petition in terms thereof. While otherwise, there would be no difficulty in accepting CO.PET. 666/2014 Page 1 of 2

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the prayer for recoding a settlement; in this case, acceptance can only be subject to a caveat, as the respondent has to pay the money to the petitioner in US dollars. Therefore, the settlement as recorded in the application is accepted by this court subject to the parties, especially the respondent, obtaining necessary approvals for remittance of funds to the petitioner under the extant statutes and regulations, in particular, after obtaining necessary permission if required from RBI. If approval of any other authority is required, the parties will approach the said authority for seeking approval in that behalf.

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The application is allowed with the aforesaid caveats. The petition is, accordingly, disposed of. The terms of settlement shall form part of the order. Liberty, however, is given to the petitioner to approach this court in case, for any reason, settlement is not effectuated. No further orders are called for, at the moment.

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The application stands disposed of. CP 666/2014

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In view of the orders passed above in CA No. 466/2016, no further orders are called for. The date of hearing fixed in the matter i.e. 19.04.2016 stands cancelled. The case be consigned to record.

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RAJIV SHAKDHER, J

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FEBRUARY 12, 2016 kk

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CO.PET. 666/2014

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Page 2 of 2

M/S E&M Specialty Co. Inc. v. M/S Interdril Asia Ltd.

Case brief

What is this about?

What did the court decide?

M/S E&M Specialty Co. Inc. v. M/S Interdril Asia Ltd.

Case brief

What is this about?

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