Alpha Real Trust welcomes court ruling in Delhi

Alpha Real Trust expressed satisfaction with a ruling from the Delhi High Court on Monday, in an ongoing spat with one of its joint venture partners, Logix.

The International Court of Arbitration had declared an award in favour of Alpha Real over the Galaxia investment in late January 2-15.

Alpha Real said the Galaxia investment was a joint venture with the Logix Group, located in the 11.2-acre special economic zone of the National Capital Region in India.

“The total award amounted to £9.2m based on exchange rates at the time,” Alpha Real’s board said in a statement.

“Additionally, a further 15% pa interest on all sums was awarded to the company from 20 January 2015 until the actual date of payment by Logix of the award.

“The sum has now accrued to £13.4m at the current exchange rate.”

Following a challenge of the award by Logix, the Delhi High Court upheld it on 9 February, dismissing the Logix petition with costs.

“Logix has 30 days to appeal the dismissal before a Division Bench of the same court,” the board added.