Legal Reference Library

In Cruz City 1 Mauritius Holdings v. Unitech Limited, Justice Vibhu Bakhru held that foreign arbitral award can be enforced in India pertaining to put options, exit at assured return, and guarantee arrangements and the provisions of FEMA and related regulations cannot be claimed as defense by Indian parties. In this matter, an investor Cruz City (Mauritius Company) sought to enforce a foreign arbitral award against Unitech (an Indian company) and its wholly owned subsidiary Burley Holdings Ltd.. (a Mauritius company).

Supreme Court of India Renusagar Power Co. Ltd vs General Electric Co on 7 October, 1993 Equivalent citations: 1994 AIR 860, 1994 SCC Supl. (1) 644 Author: S Agrawal Bench: Agrawal, S.C. (J) PETITIONER: RENUSAGAR POWER CO. LTD. Vs. RESPONDENT: GENERAL ELECTRIC CO. DATE OF JUDGMENT07/10/1993 BENCH: AGRAWAL, S.C. (J) BENCH: AGRAWAL, S.C. (J) VENKATACHALLIAH, M.N.(CJ) ANAND, A.S. (J) CITATION: 1994 AIR 860 1994 SCC Supl. (1) 644 JT 1993 Supl. 211 1993 SCALE (4)44 ACT: HEADNOTE: JUDGMENT: The Judgment of the Court was delivered by S.C. AGRAWAL, J.- The decision in these appeals would, we hope, mark the culmination of the protracted litigation arising out of a contract entered into by the parties on August 24, 1964 for the supply and erection of a thermal power plant at Renukoot in District Mirzapur, U.P. 2. Renusagar Power Co. Ltd. (for short 'Renusagar'), the appellant in C.A. Nos. 71 and 71-A of 1990 and the respondent in C.A. No. 370 of 1992, is a compan...