The order by a bench of Justices S Ravindra Bhat and Yogesh Khanna came on an appeal by the promoters of the real estate firm against a single-judge order upholding the arbitral award by the International Chamber of Commerce (ICC).
The ICC had directed the Indian firm, Logix Group, and its promoters to pay Rs 45 crore with 18 per cent interest from March 2011 till date of payment to the foreign company Alpha Tiger Cyprus Investments.
The high court observed that the tribunal had only ordered the return of the amounts that the foreign entity had invested towards development of some real estate projects by the two of them.
Subsequent to the order of the division bench, which dismissed the appeal by the promoters of Logix group, Alpha Tiger moved a plea for enforcement of the award.
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On the plea of enforcement of the award, Justice Jayant Nath on May 15 issued warrants of attachment against the property of the Indian firm's founder and promoters and also directed them to file the updated statements of their bank accounts for the last three years.
It also directed the promoters to maintain status quo regarding the investments in the movable assets that have been listed by the foreign company in its plea.
The matter between the two had gone for arbitration as the Indian company had failed to fulfil its obligation to arrange for the term loan facility as stipulated under the agreement.
The two had entered into an agreement to develop various real-estate projects called Galaxia, Technika and Technova.