{"id":443,"date":"2020-04-23T10:29:53","date_gmt":"2020-04-23T10:29:53","guid":{"rendered":"http:\/\/lexforti.com\/legal-news\/?p=443"},"modified":"2021-01-07T05:31:09","modified_gmt":"2021-01-07T05:31:09","slug":"failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc","status":"publish","type":"post","link":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/","title":{"rendered":"Failure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC"},"content":{"rendered":"\n

Harshit Sharma | Amity Law School, Madhya Pradesh | 1st January 2020 <\/strong><\/p>\n\n\n\n

Jindal Stainless Limited V\/s. Moorgate Industries Private Limited., OMP (I) (COMM.) 333\/2016<\/strong><\/p>\n\n\n\n

FACTS\nOF THE CASE<\/strong><\/p>\n\n\n\n

  1. In April 2012, Moorgate via <\/em>its\npredecessor-in-interest Stemcor India Pvt. Ltd had entered into a job works\ncontract with Jindal Stainless Steel Ltd (JSL).<\/li>
  2. Under the contract, JSL was\nrequired to convert coal supplied by Moorgate into coke at JSL’s Coke Oven\nFacility situate at Kalinga Nagar Industrial complex, Duburi, Jaipur, Odisha.<\/li>
  3. Thereafter, disputes arose between\nStemcor and JSL and in June 2013, a sole arbitrator was appointed in terms of\nSection 9 of Arbitration Act, with consent of the parties.<\/li>
  4. Meanwhile, JSL, for its own\nreasons, moved the Punjab & Haryana High Court for sanctioning a scheme of\narrangement between itself and its sister concerns which included Jindal Coke\nLtd (JCL).<\/li>
  5. This scheme involved demerger and\ntransfer of the Coke Oven Facility to JCL and was sanctioned by the Punjab\n& Haryana High Court in September 2015 and October 2015. The scheme also\nreceived the requisite clearance from Odisha Industrial Infrastructure\nDevelopment Corporation (IIDCO).<\/li>
  6. As per the records, JCL authorized\nJSL to realise and pay all monies and to complete, enforce or discharge all\npending contracts, arrangements and obligations in relation to the business\nundertaking \u201cin trust\u201d for JCL.<\/li>
  7. It is in this background that in\nJanuary 2017, JSL lodged a claim with the arbitrator for Rs.100.42 crores from\nMoorgate. Moorgate, in turn, filed a counter-claim against JSL amounting to\nRs.13.85 crores.<\/li>
  8. After Moorgate became aware of the\nscheme sanctioned by the Punjab & Haryana High Court, it moved an\napplication before the arbitrator for the termination of arbitration\nproceedings under Section 32<\/strong> of the Arbitration Act\non the ground that JSL now had no locus with respect to the subject business undertaking.<\/li>
  9. After the application was\nrejected, Moorgate Industries Pvt. Ltd. moved the Delhi High Court.<\/li><\/ol>\n\n\n\n

    ISSUES\nRAISED<\/strong><\/p>\n\n\n\n

    1. Whether\nthe failure on the part of JSL to disclose the factum of sanction of the scheme\nby Punjab & Haryana High Court should result in termination of the\narbitration proceedings?<\/li><\/ol>\n\n\n\n

      RULING\nOF THE COURT\/ THE COURT HELD THAT<\/strong><\/p>\n\n\n\n

      The Delhi High Court has\nheld that failure of a party to an arbitration proceeding to disclose the\nfactum of sanction of a scheme under Section 230 of the Companies Act, 2013\nwould not result in termination of the proceedings, and observed the following:\n<\/p>\n\n\n\n

      1. \u201cThe court, while sanctioning\nthe scheme, is required to examine, not its commercial wisdom, but whether or\nnot it is violative of any provision of law or is unconscionable or contains\nprovisions which are contrary to public policy. Once the court reaches to a\nconclusion that the scheme preferred does not violate any statutory provision\nand is not unfair to those who would be impacted by the scheme .. and, therefore,\nis neither unconscionable nor otherwise contrary to public policy, it puts its\nimprimatur on the scheme. The scheme operates as law and upon being sanctioned\nbinds third parties as well.<\/em>\u201d<\/li>
      2. Given the nature of the scheme at\nhand, the Court opined that whether JSL disclosed the fact that the scheme had\nbeen sanctioned by the Punjab & Haryana High Court mattered “very\nlittle”.<\/li>
      3. \u201c..in the eyes of law, all rights,\nobligations and liabilities, as envisaged under the scheme qua business\nundertaking No.3 stood transferred in favour of JCL. Further steps that had to\nbe taken to effectuate the transfer were ministerial… Therefore, the only\nentity in my view which could have the carriage of proceedings would be JCL\nirrespective of the fact whether JSL disclosed this aspect to this court or the\narbitral tribunal.\u201d<\/em><\/li><\/ol>\n\n\n\n

        Thus, for the foregoing reasons,\nthe Court found no merit in the petition preferred by Moorgate and the same was\ndismissed.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

        Harshit Sharma | Amity Law School, Madhya Pradesh | 1st January 2020 Jindal Stainless Limited V\/s. Moorgate Industries Private Limited., OMP (I) (COMM.) 333\/2016 FACTS OF THE CASE In April 2012, Moorgate via its predecessor-in-interest Stemcor India Pvt. Ltd had entered into a job works contract with Jindal Stainless Steel Ltd (JSL). Under the contract, JSL was […]<\/p>\n","protected":false},"author":144,"featured_media":370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[58,28],"tags":[],"yoast_head":"\nFailure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC - LexForti<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Failure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC - LexForti\" \/>\n<meta property=\"og:description\" content=\"Harshit Sharma | Amity Law School, Madhya Pradesh | 1st January 2020 Jindal Stainless Limited V\/s. 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He started his litigation practice before the Hon\u2019ble High Court of Madhya Pradesh since August, 2020 after being enrolled with the State Bar Council of Madhya Pradesh at enrolment number MP\/1228\/2020. Mr. Sharma hails from a generous and morally-valued driven family. He is the second-generation lawyer in his family who has taken up the task of stepping on the foot-steps of his father and the leading criminal advocate of the Gwalior Bar Sh. Vijay Dutt Sharma, Advocate. He always valued to strike a balance between education and moral-values which he quotes to have been a reflection of his mother Smt. Kusum Sharma and possibly this magical combination of the intellectual father and caring mother sailed him through to take the beautiful and successful academic leap, in both school as well as University. To quote the glorious academic years of Mr. Sharma, it all started with he been awarded with the Soli Sorabjee Award, which is bestowed upon the Legal Studies Topper of Class-XI (CBSE) of Gwalior Glory High School, Gwalior (M.P.). Since then, it has been the blessings of his parents, sister, teachers and family members that he completed his five-year integrated law course in B.A., LL.B. (Hons.) from Amity Law School, Amity University Madhya Pradesh, Gwalior with flying colours and been the over-all topper of the course since its inception to its culmination. Mr. Sharma also had in his names to attend various national and international seminars on growing issues in the field of law and throughout his college life, he has been an active member of the Moot Court Committee and in the culminating years of his college life, he has also served as the Chairperson of the Moot Court Committee of Amity Law School, Amity University Madhya Pradesh. His experience owed from his association with top-notched institutions of the country and law offices, including National Human Rights Commission, National Judicial Academy Bhopal, Chambers of Sh. Sanjay Gupta Ji Advocate (Gwalior, M.P.), Sh. Deepak Vasant Rao Khot Ji Advocate (Gwalior, M.P.), Sh. Fuzail Ahmad Ayyubi Ji Advocate (A-O-R Supreme Court of India), Sh. Vaibhav Shrivastava Ji (Office of Sh. Vivek Tankha Ji Senior Advocate), Sh. Prashant Vaxish Advocate (Supreme Court of India) to name a few. Apart from being an avid learner and through-out student of Law, Mr. Sharma has under his name various research papers and articles published in National as well as International Journals and UGC-Approved Journals, pan India. More so, he is a constant content writer for various online blogs including the LatestLaws.com, Lawyers Club India, Legal Services India, Advocates Pedia Foundation, etc. In addition to his academic excellence, he is green-belt holder in karate and has been a district-level Judo and Table-Tennis Player for his School Team. He is fond of reading books and to pen poetries in both, English as well as Hindi language is his best hobby to spare time with.\",\"sameAs\":[\"https:\/\/www.facebook.com\/harshit.sharma.1048\"],\"url\":\"https:\/\/lexforti.com\/legal-news\/author\/hshits1997\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Failure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC - LexForti","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/","og_locale":"en_US","og_type":"article","og_title":"Failure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC - LexForti","og_description":"Harshit Sharma | Amity Law School, Madhya Pradesh | 1st January 2020 Jindal Stainless Limited V\/s. Moorgate Industries Private Limited., OMP (I) (COMM.) 333\/2016 FACTS OF THE CASE In April 2012, Moorgate via its predecessor-in-interest Stemcor India Pvt. Ltd had entered into a job works contract with Jindal Stainless Steel Ltd (JSL). Under the contract, JSL was […]","og_url":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/","og_site_name":"LexForti","article_publisher":"https:\/\/www.facebook.com\/Lexforti\/","article_author":"https:\/\/www.facebook.com\/harshit.sharma.1048","article_published_time":"2020-04-23T10:29:53+00:00","article_modified_time":"2021-01-07T05:31:09+00:00","og_image":[{"width":400,"height":225,"url":"https:\/\/i0.wp.com\/lexforti.com\/legal-news\/wp-content\/uploads\/2020\/04\/Thanks-Giving-Dinner-7.jpg?fit=400%2C225&ssl=1","type":"image\/jpeg"}],"author":"Hshits1997","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Hshits1997","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/#article","isPartOf":{"@id":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/"},"author":{"name":"Hshits1997","@id":"https:\/\/lexforti.com\/legal-news\/#\/schema\/person\/da5b12bcf24f10dd6314543ccd840355"},"headline":"Failure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC","datePublished":"2020-04-23T10:29:53+00:00","dateModified":"2021-01-07T05:31:09+00:00","mainEntityOfPage":{"@id":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/"},"wordCount":652,"commentCount":1,"publisher":{"@id":"https:\/\/lexforti.com\/legal-news\/#organization"},"articleSection":["Arbitration Law","High Court Judgement"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/","url":"https:\/\/lexforti.com\/legal-news\/failure-of-a-party-to-an-arbitration-proceeding-to-disclose-the-factum-of-sanction-of-a-scheme-under-section-230-of-the-companies-act-2013-would-not-result-in-termination-of-the-proceedings-delhi-hc\/","name":"Failure of a party to an Arbitration proceeding to disclose the factum of sanction of a scheme under Section 230 of the Companies Act, 2013 would not result in termination of the proceedings: Delhi HC - 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He started his litigation practice before the Hon\u2019ble High Court of Madhya Pradesh since August, 2020 after being enrolled with the State Bar Council of Madhya Pradesh at enrolment number MP\/1228\/2020. Mr. Sharma hails from a generous and morally-valued driven family. He is the second-generation lawyer in his family who has taken up the task of stepping on the foot-steps of his father and the leading criminal advocate of the Gwalior Bar Sh. Vijay Dutt Sharma, Advocate. He always valued to strike a balance between education and moral-values which he quotes to have been a reflection of his mother Smt. Kusum Sharma and possibly this magical combination of the intellectual father and caring mother sailed him through to take the beautiful and successful academic leap, in both school as well as University. To quote the glorious academic years of Mr. Sharma, it all started with he been awarded with the Soli Sorabjee Award, which is bestowed upon the Legal Studies Topper of Class-XI (CBSE) of Gwalior Glory High School, Gwalior (M.P.). Since then, it has been the blessings of his parents, sister, teachers and family members that he completed his five-year integrated law course in B.A., LL.B. (Hons.) from Amity Law School, Amity University Madhya Pradesh, Gwalior with flying colours and been the over-all topper of the course since its inception to its culmination. Mr. Sharma also had in his names to attend various national and international seminars on growing issues in the field of law and throughout his college life, he has been an active member of the Moot Court Committee and in the culminating years of his college life, he has also served as the Chairperson of the Moot Court Committee of Amity Law School, Amity University Madhya Pradesh. His experience owed from his association with top-notched institutions of the country and law offices, including National Human Rights Commission, National Judicial Academy Bhopal, Chambers of Sh. Sanjay Gupta Ji Advocate (Gwalior, M.P.), Sh. Deepak Vasant Rao Khot Ji Advocate (Gwalior, M.P.), Sh. Fuzail Ahmad Ayyubi Ji Advocate (A-O-R Supreme Court of India), Sh. Vaibhav Shrivastava Ji (Office of Sh. Vivek Tankha Ji Senior Advocate), Sh. Prashant Vaxish Advocate (Supreme Court of India) to name a few. Apart from being an avid learner and through-out student of Law, Mr. Sharma has under his name various research papers and articles published in National as well as International Journals and UGC-Approved Journals, pan India. More so, he is a constant content writer for various online blogs including the LatestLaws.com, Lawyers Club India, Legal Services India, Advocates Pedia Foundation, etc. In addition to his academic excellence, he is green-belt holder in karate and has been a district-level Judo and Table-Tennis Player for his School Team. He is fond of reading books and to pen poetries in both, English as well as Hindi language is his best hobby to spare time with.","sameAs":["https:\/\/www.facebook.com\/harshit.sharma.1048"],"url":"https:\/\/lexforti.com\/legal-news\/author\/hshits1997\/"}]}},"views":80,"_links":{"self":[{"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/posts\/443"}],"collection":[{"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/users\/144"}],"replies":[{"embeddable":true,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/comments?post=443"}],"version-history":[{"count":1,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/posts\/443\/revisions"}],"predecessor-version":[{"id":6977,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/posts\/443\/revisions\/6977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/media\/370"}],"wp:attachment":[{"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/media?parent=443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/categories?post=443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lexforti.com\/legal-news\/wp-json\/wp\/v2\/tags?post=443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}