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TTMI Ltd of England v ASM Shipping Ltd of India (No 1)

TTMI Ltd of England v ASM Shipping Ltd of India (No 1) 23 May 2005 Clarke J Commercial Court [2005] EWHC 1344 [2005] ArbLR 63 Arbitration award--Challenge--Security for costs--Interim award respondent's only substantial asset in jurisdiction--Payment into escrow--Whether appropriate to grant further relief (yes)--Arbitration Act 1996, s 70(6) Security for costs of challenge application TTMI chartered a vessel owned by ASM. Following arrest of the vessel, disputes arose relative to losses caused by its late availability. TTMI commenced arbitration. ASM counterclaimed in respect of unpaid freight and demurrage. The arbitrators issued a partial award in favour of ASM's freight claims. An amount was paid into an escrow account pending the outcome of the balance of the arbitration. The agreement to pay into escrow provided that `no payment out of the Account shall be made until all aspects of all claims and counterclaims in the Arbitration and any appeals therefrom have been finally determined including those relating to liability for and quantum of any Awards or Orders as to costs.' TTMI challenged the award on ground of procedural irregularity. In the context of that application, TTMI applied for security for costs. Held: Security for costs was fixed at £25,000. ASM no longer operated any vessels. TTMI would face great problems in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arbitration Law Reports and Review Oxford University Press

TTMI Ltd of England v ASM Shipping Ltd of India (No 1)

Arbitration Law Reports and Review , Volume 2005 (1) – Jan 1, 2005

TTMI Ltd of England v ASM Shipping Ltd of India (No 1)

Arbitration Law Reports and Review , Volume 2005 (1) – Jan 1, 2005

Abstract

23 May 2005 Clarke J Commercial Court [2005] EWHC 1344 [2005] ArbLR 63 Arbitration award--Challenge--Security for costs--Interim award respondent's only substantial asset in jurisdiction--Payment into escrow--Whether appropriate to grant further relief (yes)--Arbitration Act 1996, s 70(6) Security for costs of challenge application TTMI chartered a vessel owned by ASM. Following arrest of the vessel, disputes arose relative to losses caused by its late availability. TTMI commenced arbitration. ASM counterclaimed in respect of unpaid freight and demurrage. The arbitrators issued a partial award in favour of ASM's freight claims. An amount was paid into an escrow account pending the outcome of the balance of the arbitration. The agreement to pay into escrow provided that `no payment out of the Account shall be made until all aspects of all claims and counterclaims in the Arbitration and any appeals therefrom have been finally determined including those relating to liability for and quantum of any Awards or Orders as to costs.' TTMI challenged the award on ground of procedural irregularity. In the context of that application, TTMI applied for security for costs. Held: Security for costs was fixed at £25,000. ASM no longer operated any vessels. TTMI would face great problems in

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Publisher
Oxford University Press
Copyright
© Oxford University Press, 2009
Subject
Judgments
ISSN
2044-8651
eISSN
2044-9887
DOI
10.1093/alrr/2005.1.935
Publisher site
See Article on Publisher Site

Abstract

23 May 2005 Clarke J Commercial Court [2005] EWHC 1344 [2005] ArbLR 63 Arbitration award--Challenge--Security for costs--Interim award respondent's only substantial asset in jurisdiction--Payment into escrow--Whether appropriate to grant further relief (yes)--Arbitration Act 1996, s 70(6) Security for costs of challenge application TTMI chartered a vessel owned by ASM. Following arrest of the vessel, disputes arose relative to losses caused by its late availability. TTMI commenced arbitration. ASM counterclaimed in respect of unpaid freight and demurrage. The arbitrators issued a partial award in favour of ASM's freight claims. An amount was paid into an escrow account pending the outcome of the balance of the arbitration. The agreement to pay into escrow provided that `no payment out of the Account shall be made until all aspects of all claims and counterclaims in the Arbitration and any appeals therefrom have been finally determined including those relating to liability for and quantum of any Awards or Orders as to costs.' TTMI challenged the award on ground of procedural irregularity. In the context of that application, TTMI applied for security for costs. Held: Security for costs was fixed at £25,000. ASM no longer operated any vessels. TTMI would face great problems in

Journal

Arbitration Law Reports and ReviewOxford University Press

Published: Jan 1, 2005

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