Fraudulent representations made by the respondents to secure investments from the petitioner company, which were further misappropriated and siphoned off became the point of dispute between the parties which was amicably resolved through the Mediation and Conciliation Center. The aforesaid was the chain of events that took place in the Delhi High Court in the case of Indian Ocean Energy PTE Limited & Anr. v. Bumi Geo Engineering Limited & Anr. [O.M.P.(EFA)(COMM.) 4/2021 & EX.APPL.(OS) 132-133/2021] which was adjudicated upon by a single judge bench comprising Justice Suresh Kumar Kait on 22nd July 2021.
The facts of the case are as follows. Petitioner No.1 – Indian Ocean Energy PTE Ltd. and petitioner No.2- Nirmanvridhi Constructions Private Limited, who are decree holders, have preferred the present petition under Chapter I of Part II of the Arbitration & Conciliation Act, 1996 read with Order XXI and Section 151 CPC for the Enforcement and Execution of the Foreign Award passed in Singapore International Arbitration Centre in Arbitration. It is stated by the petitioner that t in the year 2014, petitioner No.2 was approached by the respondents seeking investments in BUMI GEO ENGINEERING PTE. LTD. and in the years of 2014-2015 and 2015-2016, petitioners, relying on the faith of certain representations, assurances and warranties of the respondents, had invested Singapore Dollars 4 Million (approx.), in a Singapore Company called BUMI Geo Engineering PTE Ltd. (BUMI Singapore). However, subsequently it was realized that the respondents had made fraudulent misrepresentations to secure such investments from the petitioners and had further misappropriated and siphoned off these investments.
Before this Court, petitioners are seeking a direction to attach the bank accounts, movable properties, immovable properties and assets of the judgment debtors. Directions are also sought for sale / appropriation of proceeds in the bank accounts, movable properties and assets, as immovable property as well as to direct sale / appropriation of proceeds in the bank and other movable and immovable properties and assets, as also receivables / debts due from the group companies and alter egos of the judgment debtors, as also the debtors of the judgment debtors, as may be permissible under law. However, later it was submitted that the dispute has been amicably resolved by the parties through the Delhi Mediation and Conciliation Centre.
The court perused the facts, arguments and the settlement agreement provided. It was of the opinion that “Registry is directed to return the affidavits filed in sealed cover pursuant to order dated 26.04.2021 to the respondents (counsel/ authorized representative) as per rules. Needless to say, parties shall remain bound by the terms and conditions of the Settlement agreement dated 05.07.2021. Accordingly, the suit is decreed in terms of Settlement Agreement dated 05.07.2021, which shall form part of the decree. Decree sheet be accordingly drawn.”