No Distinction between Decree or Awards Where Amounts Are In Foreign Currencies For Purposes Of Enforcement Of Arbitral Award
Case: Karam Chand Thapar & Bros. (Coal Sales) Ltd. V. Mmtc Ltd.
Coram: Justice Vibhu Bakhru
Case No.: OMP (ENF.) (COMM.) 258/2018
Court Observation: “Thus, the Arbitral Award must be enforced on its own terms. However, the Arbitral Award does not indicate the conversion rate for computing the Indian currency equivalent to the amounts awarded in US Dollars,”
“It is not necessary that the commercial transactions between Indian parties be confined to Indian territories alone. There may be transactions which may entail exposure in foreign currency. For the purposes of enforcement, no distinction can be made between decree/awards where amounts are decreed/awarded in foreign currencies on the basis of the nationality of the disputing parties,”
“It is not disputed that the exchange rate on that date for one USD was ₹70.1445 which was less than the exchange rate as on 07.05.2019 (the date on which MMTC had made the deposit). The petitioner would be entitled to the remaining amount – amount awarded in US$ computed at ₹ 35.045 (₹70.1445 less ₹45.10). The remaining amount is required to be refunded to MMTC,”
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