Shanghai Electric vs Reliance Infra: Delhi HC restrains Anil Ambani firm from selling assets worth $135 million

The Delhi High Court on Wednesday ordered the Anil Ambani-owned Reliance Infrastructure to retain its $135 million in assets as security for its arbitration dispute with the Chinese firm Shanghai Electric Group.

The court's decision was made in response to an appeal Shanghai Electric filed against a 2022 order by a single judge that denied its request for temporary relief to obtain over ₹1,200 crore from Reliance Infrastructure that Shanghai claimed and should have paid in an arbitration dispute.

“Respondent Reliance Infrastructure Ltd. is restrained from selling, alienating, transferring or encumbering its assets, amounting to US$ 135,320,728.42. Though the awarded amount along with interest and costs works out to more than the above amount, however, the order is restricted to the amount prayed for in the Petition under Section 9 of the Arbitration Act,” a report on Bar and Bench quoted from the High Court order.