Disposed
Sketch Quartz Private Limited v. Veneto Machinery Co. Ltd. and another
Madras HCOA/72/2024
Case brief
AI extract
What is this about?
Under a supply contract dated 08.10.2021 containing an arbitration clause, the applicant sought restraint on release of Letter of Credit funds. The court held the dispute arbitrable, directed the second respondent to hold USD 16,78,364.00 for 90 days, and allowed the applicant to invoke arbitration and seek extension under Section 17.
What did the court decide?
Second respondent directed to keep on hold USD 16,78,364.00 payable to first respondent for 90 days; liberty granted to invoke arbitration and seek further orders from the Arbitral Tribunal.