In a significant development in the ongoing arbitration tussle, the Calcutta High Court on Friday directed Hindustan Copper Limited (HCL) to disclose all its movable and immovable assets in connection with the execution of an arbitral award favoring the IVRCL-MCCDL-TCL-DM Consortium. The order came from Justice Shampa Sarkar of the Commercial Division on October 24, 2025, during a hearing that saw heated arguments over jurisdiction and the maintainability of execution.
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Background
The dispute stems from an arbitral award dated January 25, 2025 (later corrected on March 4), granted in favor of the IVRCL Consortium against Hindustan Copper Limited. The consortium, represented by senior advocate Dhruba Ghosh, approached the Calcutta High Court seeking enforcement of the award.
On the other side, HCL, represented by Senior Advocate Jishnu Saha, argued that the award itself was under challenge before the Commercial Court at Jabalpur, under Section 34 of the Arbitration and Conciliation Act, 1996 the section that allows a party to seek the setting aside of an arbitral award.
HCL also claimed to have filed an application for unconditional stay of the award, asserting that it was a “nullity.” In addition, counsel informed the court that another application akin to Section 47 of the Civil Procedure Code which questions the execution process was being prepared for filing on the same day.
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Court’s Observations
Justice Shampa Sarkar noted that no order for stay of the arbitral award had been granted by the Jabalpur court so far. “Under such circumstances, it would be proper for this Court to direct disclosure of all immovable and movable assets of the award debtor in the form of an affidavit,” the bench observed.
The judge was careful to balance both sides’ positions, clarifying that the order to disclose assets “will not be construed as this Court’s opinion on the executability of the award at this stage.” Essentially, the court sought transparency without pre-empting the outcome of the pending challenge before the Jabalpur Commercial Court.
Mr. Ghosh, representing the award-holder, also pointed out that his client had not yet received a copy of the stay application filed by Hindustan Copper. The court took note of this procedural lapse but did not pass any coercive direction on it.
The order, while procedural in tone, signals the court’s intent to prevent asset concealment or transfer while maintaining fairness until the challenge is adjudicated.
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Decision
Justice Sarkar directed Hindustan Copper Limited to file an affidavit disclosing all its movable and immovable properties, including bank accounts, within three weeks. The matter has been made returnable on November 21, 2025.
With no stay currently in place, the order strengthens the IVRCL Consortium’s position, at least temporarily, as the execution proceedings inch forward in Kolkata even as the validity of the award hangs in balance at Jabalpur.
Case Title: IVRCL-MCCDL-TCL-DM Consortium vs Hindustan Copper Limited
Court: Calcutta High Court – Commercial Division (Original Side)
Judge: Justice Shampa Sarkar
Case Type: Execution of Arbitral Award
Petitioner / Award-Holder: IVRCL-MCCDL-TCL-DM Consortium
Respondent / Award-Debtor: Hindustan Copper Limited (HCL)
Date of Order: 24th October, 2025
