The Supreme Court today refused to interfere in the stay imposed on arbitration proceedings by the Delhi High Court involving property belonging to KK Modi Trust.
A vacation bench comprising Justices Ashok Bhushan & Surya Kant, while refusing to entertain the plea for vacating stay on Arbitration proceedings in Singapore, granted liberty to Senior Advocate Abhishek Manu Singhvi to seek an advancement of the date of hearing before the High Court on March 11.
"You may pre pone the hearing, you can make that request before the High Court" the Bench stated. Singhvi, appearing for Lalit Modi, argued that on the basis of the principle of "Kompetenz-kompetenz", or competence-competence the arbitral tribunal, may have competence, or jurisdiction, to rule as to the extent of its own competence on an issue before it and not any other court.
Senior Advocate Kapil Sibal, appearing for Bina Modi & Others vehemently opposed the plea.
A Division Bench of the Delhi High Court had stayed the arbitration proceedings between Lalit Modi, Bina Modi & Others.
This was following a dismissal by a single Judge in Delhi High Court of the the plea filed by Bina Modi and others.
The arbitration proceedings in Singapore rests on issues of a Family Trust Deed between the Modi's.
Contentions that had arisen before the Delhi high court by Lalit Modi were with respect to the assets that were to be sold.
On the other hand, Bina Modi and others had asserted that an analysis of the Trust Deed would reveal that no sales would be effectuated.