Cruz City 1 Mauritius Holdings (Mauritius) v. Arsanovia Ltd (Cy) and Burley Ltd (India) (LCIA Case No. 111792); Arsanovia Ltd (Cy) v. Cruz City 1 Mauritius Holdings (LCIA Case No. 111809) - Greek - 2013-2017
Country
Year
2017
Summary
Cruz City 1 Mauritius Holdings, an entity incorporated in Mauritius, acquired an arbitral award against Unitech Residential Resorts Ltd (India)* & Burley Holdings Limited (Mauritius), and another one against Arsanovia Ltd, an entity incorporated in Cyprus, in a case involving property development in Bombay, India (LCIA Case Nos 111792 and 111802 respectively).
Cruz City 1 Mauritius Holdings obtained a worldwide freezing order against Unitech Residential Resorts Ltd (and other corporations that are not specified in the judgments), which included shares in Cyprus companies, along with an order appointing receiver by way of equitable execution in England. The attempt to register the latter order in Cyprus was unsuccessful (Russell Downs, Ian Green, Peter Dickens, Cruz City 1 Mauritius Holdings v. Unitech Ltd, Burley Holdings Ltd, Unitech Residential Resorts Ltd, Íectrus Ltd, Nuwell Ltd and Technosolid Ltd, District Court of Limassol Application No. 7/2015, judgment of July 18, 2017). Within said proceedings, Cruz City 1 Mauritius Holdings applied for Chabra injunctions before Courts in Cyprus. The application was denied for want of invoked jurisdictional statutory instruments (Cruz City 1 Mauritius Holdings v Unitech Residential Resorts Limited and others, District Court of Nicosia Application No. 998/2014, judgments of March 3, 2015 and July 24, 2015).
The application for registration, recognition and execution of the award issued in LCIA Case No. 111792 was successful, only in relation to the arbitration party - Unitech Ltd - and not its Cyprus subsidiaries - Technosolid Ltd, Boracim Ltd and Nuwell Ltd (Cruz City 1 Mauritius Holdings v Unitech Ltd, Technosolid Ltd, Boracim Ltd and Nuwell Ltd, District Court of Nicosia Application No. 402/2014, judgment of December 30, 2015).
The application for registration, recognition and execution of the award issued in LCIA Case No. 111809 was unsuccessful for failing to fulfil the conditions set out in section IV of Law No. 84/1979, which incorporates the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the New York Convention) into national law (Arsanovia Ltd v. Cruz City 1 Mauritius Holdings, District Court of Nicosia Application No. 706/2013, judgment of December 18, 2013).
A later application was successful (Cruz City 1 Mauritius Holdings v. Arsanovia Ltd, District Court of Nicosia Application No. 322/2014, judgment of May 14, 2015).
* Kindly note that the names 'Unitech Residential Resorts Ltd' and 'Unitech Ltd' are used interchangeably in the Cyprus proceedings, allowing for the assumption, but not for the certainty, that they denote the same entity.
Included in this document:
Arsanovia Ltd (Cy) v. Cruz City 1 Mauritius Holdings (Mauritius), District Court of Nicosia Civil Case No. 706/2013
- judgment of December 18, 2013
Cruz City 1 Mauritius Holdings (Mauritius) v. Arsanovia Limited (Cy), District Court of Nicosia Civil Case No. 322/2014
- judgment of May 14, 2015
Cruz City (Mauritius) v. Unitech Limited (India), Technosolid Limited (Cy), Boracim Limited (Cy) & Nuwell Limited (Cy), District Court of Nicosia Civil Case No. 402/2014
- judgment of December 30, 2015
Cruz City 1 Mauritius Holdings (Mauritius) v. Unitech Residential Resorts Limited (India) et al, District Court of Nicosia, Application No. 998/2014
- interim judgment of March 3, 2015
- judgment of July 24, 2015
Russell Downs (UK), Ian Green (UK), Peter Dickens (UK), Cruz City 1 Mauritius Holdings (Mauritius) v. Unitech Limited (India), Burley Holdings Limited (Mauritius), Unitech Residential Resorts Limited (India), Nectrus Limited (Cy), Nuwell Limited (Cy), Technosolid Limited (Cy), District Court of Limassol, Application No. 7/2015
- judgment of July 18, 2017