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Company Law

Analysis - guidance - compliance

13 DEC 2014

CRUZ CITY 1 MAURITIUS HOLDINGS v UNITECH LTD AND OTHERS

CRUZ CITY 1 MAURITIUS HOLDINGS v UNITECH LTD AND OTHERS
Queen's Bench Division
QBD
The Honourable Males J
2 October 2014

MALES J:
Introduction and summary
[1] This is an application by the claimant (“Cruz City”) under section 37 of the Senior Courts Act 1981 for the appointment of receivers by way of equitable execution over certain assets of the first defendant (“Unitech”) and the second defendant (“Burley”). The application is the latest step in Cruz City’s attempt to enforce a London arbitration award which it has obtained against the defendants for almost US $300 million. With interest the sum now due approaches and may even exceed US $350 million. Unitech for its part has made clear by words and conduct that it will do whatever it can to avoid having to meet its liabilities.

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