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

Philippines wearable industry expects 20% export growth

Apparel/Garments | On 17th Aug 2018

Philippines wearable industry expects 20% export growth

The combined export growth of textile, garments and other wearable...

Talks on new minimum wage for next year start in Cambodia

Apparel/Garments | On 17th Aug 2018

Talks on new minimum wage for next year start in Cambodia

The Cambodian labour ministry and relevant stakeholders recently...

Boost research to double yield: Indian Cotton Federation

Textiles | On 17th Aug 2018

Boost research to double yield: Indian Cotton Federation

Despite India being the world’s largest producer of cotton for three...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Vaanee Bhatia
Gritstones Clothing

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

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


August 2018

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

news category


Related Categories:

Advanced Search