Overview
Alpha Real Trust has succeeded in having the challenge from Logix Group to the Arbitration Award dismissed by the Division Bench of the Delhi High Court. Following a further appeal by the Logix on 8 May 2017 the Division Bench of the Delhi High Court upheld the award declared in favour of the company by the International Chamber of Commerce (ICC) Arbitration with respect to its Galaxia investment (a joint venture with Logix, located in an 11.2 acre Special Economic Zone, in NOIDA, the National Capital Region, India) and dismissed the Logix petition.
The total award amounted to GBP9.2 million based on exchange rates at the time. Additionally, a further 15% p.a. interest on all sums was awarded to the company from 20 January 2015 until the actual date of payment by Logix of the award. The sum has now accrued to GBP13.8 million at the current exchange rate.
Logix can seek a review of the dismissal before the Supreme Court of India within 90 days.
Alpha Real Trust has commenced execution of the award and the Logix Promoters have been restrained from alienating their Corporate Office in NOIDA as well as their residential home in New Delhi and further directed by the Delhi High Court to submit on affidavit a list of all their assets and bank statements.
ARTL : Alpha Real says Logix appeal case upholds Alpha’s award