AIRCON BEIBARS FZE Vs. HELIGO CHARTERS PVT LTD

JUDGEMENT

(1.) The Petitioners ("Aircon") made an urgent application for ad-interim reliefs on 17th April 2017. Aircon holds a foreign award in the amount of approximately US$ 7 million in relation to a contract with the Respondents ("Heligo") for the sale of a helicopter by Aircon to Heligo. The only significant asset that Heligo has in India, Aircon said, was another helicopter it uses for ONGC operations. This second helicopter is valued approximately at US$ 10 million. I granted an the ad-interim injunction but clarified that Heligo could use the helicopter for ONGC operations.

(2.) Having heard Mr Chinoy for Aircon, and Mr Nankani for the Heligo, and having considered the Affidavits in Reply and Rejoinder, as also an Additional Affidavit in Reply, I propose to confirm that ad-interim order but make it subject to a first charge that the Union Bank of India holds over it. This charge is created as security for borrowings by Heligo from the Union Bank of India. That charge is registered. I will also clarify that this order is not to be read as a restraint against the Union Bank of India from enforcing its security, should that occasion arise.

(3.) The Award itself is dated 25th January 2017.[1] The arbitration clause (page 67) said that the contract would be governed and construed in accordance with Singapore law and be referred to arbitration in Singapore in accordance with the Rules of the Singapore International Arbitration Centre ("SIAC").