The Calcutta High Court on Friday refused to pass an interim order on a petition by Haldia Petrochemicals Ltd seeking stay on the The Chatterjee Group's move to approach the International Council for Arbitration for resolution of transfer of 155 mln shares in its favour, as per Press Trust Of India. Justice I P Mukerji, while refusing to pass an interim order, directed The Chatterjee Group to file an affidavit in opposition to the prayer by June 6 and HPL its reply to it by June 27. The court gave liberty to the parties to mention the matter after submission of affidavits. HPL submitted that the arbitration proceedings sought to be initiated by TCG was unenforceable.
The high court on Friday ruled in favour of TCG saying it could ''distinguish'' outstanding disputes between it and WBIDC and that TCG could seek adjudication to resolve them. In the absence of a stay, the state arm will now have to face the arbitration process in the International Court of Arbitration (ICA). HPL and the WBIDC, made parties in the arbitration process by TCG, have to send their reply to the ICA, which is under the International Chamber of Commerce in Paris, by Monday unless the state or the company manages to get an injunction from a division bench earlier in the day.