Arbitration and Conciliation Act, 1996 Section 9 HELD It is clear that in case HSBC was to enforce the Foreign Final Award in India in accordance with section 48 of the 1996 Act, irreparable loss would be caused to it unless at least the principal sum were kept aside for purposes of enforcement of the award in India. Accordingly, we dismiss Civil Appeal No.5145 of 2016 filed by Avitel India and the Jain family, and allow Civil Appeal No.5158 of 2016 filed by HSBC.
SUPREME COURT OF INDIA DIVISION BENCH AVITEL POST STUDIOZ LIMITED AND OTHERS — Appellant Vs. HSBC PI HOLDINGS (MAURITIUS) LIMITED — Respondent ( Before : R. F. Nariman and…