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ArcelorMittal Case: HC dismisses 2 Ruia Cos’ plea against ruling to deposit ₹82 cr
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Synopsis
In the case, the two firms, Essar House and Essar Services India, had received ₹35 crore and ₹47 crore, respectively, from Essar Steel as security deposit for office space and services.
Agencies
The December 10 order directed the Ruias to deposit ₹82 crore within eight weeks in the court as security in two separate arbitration suits filed by ArcelorMittal Nippon Steel India.
Mumbai: The Bombay High Court dismissed a plea filed by two Ruias-owned companies that challenged the single bench ruling asking them to deposit ₹82 crore in the court as security in two separate arbitration suits filed by ArcelorMittal Nippon Steel India (formerly Essar Steel).
Synopsis
ArcelorMittal (formerly Essar Steel) had approached the court for urgent protective interim orders before the commencement of arbitration process under Section 17 of the Arbitration and Conciliation Act 1996.
Wikipedia
MUMBAI: The Bombay High Court has directed two companies owned by Ruias, namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) to deposit collectively over Rs 82 crore within eight weeks in the court as security in two separate arbitration suits filed by ArcelorMittal Nippon Steel India Ltd.
Two companies namely Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL) had received respectively Rs 35 crore and Rs 47 crore security deposit from Essar Steel.
The Ruias and the Mittals are slugging it out in court over the repayment of security deposits worth a little over Rs 82 crore.
The deposits had been placed by Essar Steel which is now owned by the Mittals with two Ruia-owned companies for the right to occupy space in the 22-storey Essar House at Mahlaxmi; and for a support services pact that got terminated in May 2014.
The Bombay High Court has directed Essar House (EHPL) and Essar Services India (ESIL) to deposit Rs 35.5 crore and Rs 47.41 crore, respectively, as security deposits in a dispute with Arcelor Mittal Nippon Steel India Ltd (AM/NS India).
Essar House Private Limited, which owns Essar House, the headquarters of Ruias-controlled Essar group, and Essar Services Private Limited have been directed to deposit the refundable security payable to ArcelorMittal Nippon Steel India by the Bombay High Court. The petitions were filed by AM/NS India as urgent protective interim order pre-arbitration under Section 9 of the Arbitration and Conciliation Act 1996. Both sides agreed to a reference of their disputes to the sole arbitration of Soli Cooper, a senior advocate of the high court. In an order passed on December 10, Essar House Private Limited (EHPL) has been ordered and directed to deposit with the Prothonotary and Senior Master an amount of Rs 35.5 crore within eight weeks from the date of order; optionally, a bank guarantee of any nationalised bank for the entire amount along with all interest earned thereon could be furnished.