Mercator, one of India’s diversified conglomerates with interests in coal, oil and gas, shipping and dredging, said in its latest release that the Dredging Corporation of India (DCI) had filed an appeal before the courts in London against the arbitration awards of approx. $7 million payable to Mercator by DCI.
On 25 January 2019, the appeals filed by DCI have been dismissed with costs and the English Court has upheld the awards made in favor of Mercator.
The company is awaiting the written order and will start the process of enforcement and execution of the award, post the receipt of the same.
Mercator had earlier announced that in three separate arbitrations started by the company against DCI under contracts relating to the dredging of Sethusamudram Ship Canal project, the Arbitral Tribunal has passed awards in favor of Mercator, upholding the wrongful deductions made by DCI and awarding damages for wrongful termination by DCI of two of the three contracts.
The awards found that Mercator had not committed any breach of its contracts with DCI and declared that the termination of the two contracts by DCI was “wrongful and illegal”; and further awarded damages to Mercator for the losses suffered as a result of such wrongful termination by DCI.