Delhi HC refusal to grant anti-arbitration injunction for constructive res judicata
April 1, 2019
The disputes between HSPCL & TAQA (“Plaintiffs”) and NCCL (“Defendant”) arose on account of the alleged breach of certain material conditions of a Securities Purchase Agreement dated 19 September 2012 (“SPA”) and consequently, the purported violation of rights and obligations under the SPA. The SPA was for a power project on the Sorang tributary of the Sutlej river (“Project”). Since the Project could not be made operational by 31 March 2013, as required by the SPA, the Plaintiffs commenced SIAC arbitration proceedings under the SPA (“First Arbitration”). The Plaintiffs and Defendant participated in the First Arbitration, in which the Defendant filed two amended versions of its Statement of Counterclaim.
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