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Calcutta High Court Orders Implementation of Arbitration Award Against Hindustan Copper

The Calcutta High Court has directed the execution of a foreign award against Hindustan Copper Ltd (HCL) in India, arising from a two-tier arbitration with Centrotrade Minerals and Metals Inc for copper concentrate supply. Justice Sugato Majumdar stated the High Court cannot rehear the enforceability issue due to previous Supreme Court orders.

According to law firm Karanjawala & Co, representing Centrotrade, an agreement between HCL and Centrotrade included a two-tier arbitration mechanism. Any disagreement with the sole arbitrator’s award could be appealed to a second arbitration in London under the ICC. The validity of this agreement was upheld by the apex court in 2017.

Despite the Supreme Court’s approval for the execution of the ICC Foreign Award in Centrotrade’s favor in 2021, Hindustan Copper Ltd disputed the sum payable and the obligation to pay compound interest during the execution proceedings before the Calcutta High Court. The press statement issued by Centrotrade’s law firm highlighted these ongoing disputes in the arbitration process.

IANS

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