Foreign Arbitral Award of EUR 5.5 Million Enforced Despite FEMA and Double Recovery Objections

The HC enforced a foreign arbitral award requiring JD to pay EUR 5.5 million to DH. JD's objections regarding FEMA violations were dismissed due to RBI's post facto approval. The court rejected JD's argument about potential "double dip" recovery from both Minda Germany's liquidator and Minda India, noting that the Settlement Agreement constituted the entire agreement between parties and expressly waived all prior claims. The court found JD's objections to enforcement lacked bona fides, as JD had knowingly entered into the settlement and consented to the award with full awareness of the previous Bilgery Settlement. The HC directed enforcement of the foreign award as a decree, with JD having already deposited approximately Rs. 52 Crores with the court registry. .....

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