The Delhi High Court has recorded a negotiated settlement between Seaway Falcon AS and Jagson International Ltd. in proceedings seeking enforcement of a Foreign Arbitral Award dated 5 June 2025. Justice Purushaindra Kumar Kaurav noted that email exchanges placed on record showed the judgment debtor’s willingness to satisfy the award, prompting the Court to dispose of the matter on the basis of mutually agreed terms.
The award liabilities include USD 1,610,000 as principal, along with tribunal costs, legal costs and costs awarded by the English High Court, amounting to GBP 39,079.73.
The respondent agreed to discharge the consolidated amount of USD 1,661,182.72, representing the principal and the GBP component converted to USD, through three equal instalments. The Court recorded that while the award already carries interest at 7% compounded three-monthly, the respondent has given a binding undertaking to pay the entire amount strictly on the scheduled dates without any delay.
The Court also recorded additional enforcement safeguards in the event of default.
- Interest at 10%, compounded three-monthly, on all outstanding sums;
- Filing of an affidavit of assets within six working days under Order XXI Rule 41 CPC;
- Immediate attachment of assets to recover unpaid amounts.
Holding the respondent bound to the settlement and granting liberty to Seaway Falcon AS to seek revival of proceedings in case of non-compliance, the Court disposed of the execution petition.
Appearances
Decree Holder- Ms.Diya Kapur, Sr. Adv with Mr. Nakul Gandhi, Mr. Kaushik Sochannam, Mr.Aditya, Mr. Raghav Kumar, Mr. Mujeeb, Ms. Siddhi Sahoo, Mr. Avi Kaushik and Ms. Tanish Gupta, Advs.
Judgement Debtor- Senior Advocate Mr. Shashank Garg; Dr. Shashwat Bajpai and Ms. Aradhya Chaturvedi, Advs.
