;
Home / Knowledge / News / Information Technology / Induyco opposes to the payment of the award
Induyco opposes to the payment of the award
30
Nov '09
On October 28, 2009, the Secretariat of the International Court of Arbitration notified an award to Lectra and Induyco in an arbitration initiated by Lectra in 2005 against Induyco, the former shareholder of Investrónica Sistemas. The arbitration arose out of Lectra's acquisition of Investrónica Sistemas in 2004. In the award, the international arbitral tribunal awarded Lectra €21.9 million plus interest.

Following notification of the award, Lectra called on two first demand guarantees that were provided by Induyco pursuant to the terms of the share purchase agreement and requested Induyco to pay the full amount of the award plus interest.

Induyco has since obtained in Spain an interim order temporarily suspending operation of the demand guarantees based on a claim that Lectra must recognize and enforce the award in Spain before it can recover any amounts under the guarantees. Induyco has also taken steps in England (where the arbitration took place) to challenge the award. Lectra has not yet been served with a copy of the writ and claim in either the English or Spanish court actions on the merits.

Lectra considers both court actions to be entirely without merit and intends to mount an aggressive and vigorous defense of its rights and recovery of the amounts due to it under the award.

Lectra


Must ReadView All

India should consider 100% FDI in multi-brand retail: CII

Apparel/Garments | On 17th Dec 2018

India should consider 100% FDI in multi-brand retail: CII

The Indian Government should consider permitting 100 per cent foreign ...

Texhong Textile acquires Winnitex for HK$1350 mn

Textiles | On 17th Dec 2018

Texhong Textile acquires Winnitex for HK$1350 mn

Texhong Textile Group, one of world’s largest core spun yarn...

Courtesy:Ascena Retail Group

Apparel/Garments | On 17th Dec 2018

Ascena Retail posts net sales of $1,592 mn in Q1 FY2019

Ascena Retail Group Inc, the largest specialty retailer for women and ...

Interviews View All

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Erik Sy,

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harmeet Singh,

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search