RESCOM MINERAL TRADING FZE vs RASHTRIYA ISPAT NIGAM LIMITED RINL AND ANR

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 28.05.2025 Judgment pronounced on: 28 .08.2025 + O.M.P. (I) (COMM.) 402/2024 & CCP(O) 5/2025, I.A. 582/2025, I.A. 4997/2025 RESCOM MINERAL TRADING FZE .....Petitioner Through: Mr. Anirudh Bhakru, Mr. Divyam Agarwal, Ms. Ananya Mago, Mr. Khitiz Jain, Mr. Rohan Chandra, Advs. versus RASHTRIYA ISPAT NIGAM LIMITED & ANR. ....Respondents Through: Mr. Rajshekhar Rao, Sr. Adv. with Mr. Shravan Yammanur, Mr. Mangesh Krishna, Ms. Prachi Kaushik, Ms. Aashna Chawla, Mr. Zahid Hashmi, Advs. CORAM: HON’BLE MR. JUSTICE JASMEET SINGH JUDGMENT 1. This is a petition filed under section 9 of the Arbitration and Conciliation Act, 1996 (“1996 Act”) seeking the following prayers:- “(i) Pass an order directing Respondent No. 1 to secure the Petitioner’s claim by furnishing security in the form of a Digitally Signed O.M.P. (I) (COMM.) 402/2024 Page 1 of 37 By:DEEPANSHU MALASI Signing Date:28.08.2025 16:50:49 cash deposit or an unconditional Bank Guarantee of a nationalized bank of an amount totaling USD 1,65,35,071.76 equivalent to INR 1,39,01,03,482.86 together with interest at 18% p.a. hereof till the realisation of its claim by the Petitioner; or (ii) Pass an order directing status quo, attachment, preservation, interim custody, or sale of the stock of approximately 81,300 MT of freshly mined and washed blackwater soft coking coal belonging to Respondent No. I and lying/incoming at the port and harbour of Respondent No. 2; and/or (iii) Pass an order of injunction against Respondent No. 2 and its servants and/ or agents and/ or assigns from giving delivery, physical or constructive, or causing delivery to be given, to Respondent No. 1, its servants and / or agents and / or assigns of the cargo to the tune of approximately 8