NINE RIVERS CAPITAL LIMITED vs GOKUL PATNAIK & ANR

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 11.11.2024 Judgment pronounced on: 02.05.2025 + O.M.P.(E.F.A.)(COMM.) 13/2019 NINE RIVERS CAPITAL LIMITED .....Decree Holder/Petitioner Through: Mr. Darpan Wadhwa, Sr. Adv. with Mr. Manik Dogra, Mr. Viral Mehta, Mr. Shahezad Kazi, Ms. Zahra Aziz, Ms. Ishita Mathur, Ms. Shweta Sahu, Mr. Gladwin Issac, Mr. Dhruv Pande, Mr. Amer Vaid and Ms. Divita Vyas, Advs. versus GOKUL PATNAIK AND ANR. .....Judgment Debtors/Respondents Through: Mr. Ritin Rai, Sr. Adv. with Mr. Anand Varha, Ms. Apoorva Pandey and Ms. Adyasha Nanda, Advs. for R- 1. Mr. Pawan Bhushan, Adv. for R-3. CORAM: HON’BLE MR. JUSTICE JASMEET SINGH JUDGMENT : JASMEET SINGH, J 1. This is a petition filed under Sections 44, 47 and 49 of the Arbitration and Conciliation Act, 1996 (for brevity “the Act”) and Order XXI read with Digitally Signed By:DEEPANSHU MALASI Signing Date:05.05.2025 O.M.P.(E.F.A.)(COMM.) 13/2019 Page 1 of 62 10:48:02 Section 151 of the Code of Civil Procedure, 1908 (for brevity “the Code”) seeking enforcement and execution of the final arbitration award dated 24.06.2019 made by learned arbitral tribunal in Singapore International Arbitration Centre (for brevity “SIAC”) in Arbitration No. 133 of 2017 under the Arbitration Rules of the SIAC (6th Edition, 1st August, 2016). FACTUAL BACKGROUND 2. The brief facts of the case are that the petitioner/judgment holder, Nine Rivers Capital (a Mauritius-incorporated company) entered into a Share Subscription and Shareholders Agreement (for brevity “SSSA”) on 04.03.2010 regarding an investment of Rs. 300 million, with respondent No.1/judgment debtor No.1 - Gokul Patnaik (an Indian citizen), respondent No.2/judgment debtor No.2 - Katra Finance Ltd. (a Mauritius company) and a promoter group, t