Dispute Resolution Through Consent
Real Estate Company
Background
The parent company of LitiCap also has a real estate company, which invested ~USD 3m in a transaction with a landowner (“LO”), who breached the contract. The Real Estate company moved the Mumbai High Court and brought an injunction within one week even during the COVID-19 lockdown, and later initiated an arbitration for the financial claim. The process started in early June 2020 and the arbitration has commenced with the first hearing scheduled for August 26. The opponent has come forward to settle the matter through consent, even before commencement of arbitration.
Our Role
Our team designed the complete litigation and recovery strategy:
- With mounting pressure on the real estate company’s cash flows, time was of utmost essence. With an unwilling debtor, LitiCap’s key priority was to gain an injunction, compelling the debtor to negotiate terms.
- LitiCap appointed a relevant legal team and worked with them for preparation of the court petition and notices.
- We continued amicable negotiations with the debtor to push for pre-arbitration settlement
Current Status
The first hearing is scheduled for August 26 and settlement is expected through consent terms within next 60 days. This case is on track to be the fastest resolution of a dispute so far by LitiCap.
