Vijay Construction (Pty) Ltd v Eastern European Engineering Ltd (MA 128/2017 (arising in CC 33/2015)) [2017] SCSC 882 (13 June 2017)

Vijay Construction (Pty) Ltd v Eastern European Engineering Ltd (MA 128/2017 (arising in CC 33/2015)) [2017] SCSC 882 (13 June 2017)

The court determined that an independent valuation of the proposed movable assets is necessary to assess whether the applicant has provided good and sufficient security as required by the previous order. The court appointed independent experts to evaluate the assets and ordered both parties to share the costs of the evaluation.

Citation
[2017] SCSC 882
Parties
Applicant: Vijay Construction (Proprietary) Limited; Respondent: Eastern European Engineering Limited
Court
Supreme Court
Jurisdiction
Seychelles
Judgment Date
13 June 2017
Case Number
MA 128/2017 (arising in CC 33/2015)
Procedural Posture
Civil Motion / Interlocutory Application for Approval of Security Pending Appeal
Outcome
Consent order for independent valuation of assets; no final determination on sufficiency of security at this stage.
Legal Topics
Stay of Execution, Security for Judgment, Foreign Arbitral Award
Source Language
English
Civil Procedure Arbitration Stay of Execution Security for Judgment Foreign Arbitral Award

Case Brief

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Parties

Vijay Construction (Proprietary) Limited

Applicant

Eastern European Engineering Limited

Respondent

Procedural Posture

Civil Motion / Interlocutory Application for Approval of Security Pending Appeal

Legal Issues

  1. 1 Whether the form of security proposed by the applicant satisfies the court's order for stay of execution pending appeal
  2. 2 Whether movable assets can constitute good and sufficient security

Ratio Decidendi

The court determined that an independent valuation of the proposed movable assets is necessary to assess whether the applicant has provided good and sufficient security as required by the previous order. The court appointed independent experts to evaluate the assets and ordered both parties to share the costs of the evaluation.

Court Disposition

Consent order for independent valuation of assets; no final determination on sufficiency of security at this stage.

Orders

  • Appointment of three independent experts to evaluate vessels, plants, vehicles, and temporary movable buildings as listed in the schedules.
  • Experts to submit reports to the Registrar by 5 July 2017.