New Delhi, March 9 : The Supreme Court on Monday declined to entertain a plea seeking to vacate the stay imposed on the arbitration proceedings concerning former IPL chairman Lalit Modi and the family property belonging to K.K. Modi Trust.
A vacation bench comprising Justice Ashok Bhushan and Justice Surya Kant asked the counsel of Lalit Modi to move the Delhi High Court, where the matter is pending. The apex court declining to interfere on the matter asked Modi’s counsel to seek an earlier date from the High Court, which has listed the matter on March 27 and request it for the expeditious disposal of the matter.
Lalit Modi’s mother Bina Modi had moved the division bench of High Court after a single bench refused a stay on the arbitration proceedings ongoing in Singapore among Lalit Modi, Bina Modi and her two other children, Charu Bhartia and Samir Modi.
The division bench had stayed the arbitration proceedings between Lalit Modi and his mother and siblings. Counsel for Lalit Modi contended before the top court that the High Court passed the order for stay without hearing him on the matter, though he had filed a caveat.
Lalit Modi’s counsel senior advocate A.M. Singhvi sought vacation of this stay, as international arbitration proceedings could not have been stayed.
Counsel for Lalit Modi’s mother and siblings contested this argument. The apex court asked Lalit Modi’s counsel to seek an advancement of the date of hearing before the High Court on March 11.
In the High Court, Bina, Charu and Samir Modi had cited a trust deed between the family members and the K.K. Modi family trust matters, as per Indian laws, cannot be settled through arbitration in a foreign country.
Lalit Modi had submitted in the High Court that all the assets were to be sold, whereas Bina Modi and others had contested it.