This special leave petition seeks to challenge the judgment and order dated 13th July, 2012 passed by the learned Single Judge of the Delhi High Court in Execution Petition No.372 of 2010.
There was an agreement between the two parties whereby the respondent sold its shareholding in BCH for a price of Rs.1.2 Million Dollars which was to be paid in four installments.
The respondent sought the execution of that award by filing the aforesaid execution petition in India, since the Escorts AMI has subsequently merged with the petitioner herein.
A companysent order was passed therein on 19th June, 2009, wherein both the parties agreed to refer the matter to arbitration.
This led to a suit being filed by the respondent in the Wake Country Superior Court in the State of North Carolina, USA.
The Escorts AMI paid the first two installments but defaulted in the payment of the other two.
The execution was objected to by the petitioner, and those objections have been rejected by the impugned order.
Therefore, this special leave petition has been preferred by Escorts Limited.
The short facts leading to this petition are this wise The respondent herein and Escorts Agri Machinery Inc., Escorts AMI which was a subsidiary of the petitioner, were holding following percentage of shares in another companypany, by name, Beever Creek Holdings BCH .
The respondent held 49 of shares and Escorts AMI held 51.
The arbitration was followed by an award in favour of the respondent herein.
The plaintiff agree that entry of this order resolves defendants motion to dismiss.
