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Informist, Tuesday, Jun. 9, 2026

 

NEW DELHI – The Bombay High Court has refused to restrain Tecnimont S.p.A. from alienating its Indian assets worth INR 224 bln on a petition by Russian company Eurochem North-West-2. Merely saying that Tecnimont is likely to transfer its funds out of India to defeat Eurochem's claim would not be sufficient to grant an injunction when there is no prima facie evidence to support the plaintiff's claim, said the court.

 

In the absence of any prima facie case in favour of Eurochem, any irreparable loss shown by it or the balance of convenience in its favour, the court sees no reason to grant an order of injunction, said Justice Gauri Godse. Tecnimont has produced sufficient material to show that the dispute between the parties is the subject matter of the international arbitration proceedings, and that the English court has issued various orders imposing an anti-suit injunction, said Justice Godse. Hence, if any injunction is granted, Tecnimont is likely to suffer irreparable loss and prejudice, she said, adding that the balance of convenience lies in favour of the defendant. 

 

The high court was hearing a plea by Eurochem seeking an India decree for INR 195 billion, relying on a judgment passed by the Commercial Court of the city of Moscow in Russia, in favour of the plaintiff. The Russian company filed an interim application to seek an injunction, restraining Tecnimont from removing or disposing of any of its assets in India. The Russian company expressed an apprehension that the funds available with Tecnimont would be taken out of India and would defeat the plaintiff's right to recover the amount for enforcing the decree passed in favour of the plaintiff by the Moscow Court. 

 

Tecnimont S.p.A. operates in India primarily through its wholly-owned subsidiary, Tecnimont Pvt. Ltd., and its India project office. Headquartered in Mumbai, Tecnimont Pvt. acts as the group's engineering hub for engineering, procurement, construction projects in the natural resources and petrochemicals industries.  End

 

Reported by Surya Tripathi

Edited by Avishek Dutta

 

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