PARASTATE LABS, INC. v WANG LI & 3 Ors

[2023] SGHC 48 High Court (General Division) 28 February 2023 HC/OC 130/2022 ( HC/SUM 3651/2022 )

5 cases cited (4 SG, 1 foreign) Cited by 5 cases

Key facts

Court	High Court (General Division)
Decided	28 February 2023
Judge	Andre Maniam
Charges / claim	Arbitration
Counsel	Allen & Gledhill LLP, Breakpoint LLC, FC Legal Asia LLC, Remy Choo Chambers LLC, Ang Ann Liang, Carol Yuen, Choo Zheng Xi, Chu Hua Yi, Darius Chan, Foo Maw Shen, Mark Tan, Michael Chan, Yeoh Tze Ning

Source: [2023] SGHC 48, High Court (General Division), decided 28 February 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Arbitration — Stay of court proceedings — Case management stay — Whether court proceedings should be stayed pending resolution of arbitration

Practice Areas

Arbitration

Judges (1)

Andre Maniam Delivered

Counsel (13)

Allen & Gledhill LLP Firm Breakpoint LLC Firm FC Legal Asia LLC Firm Remy Choo Chambers LLC Firm Ang Ann Liang Counsel for the defendant

Carol Yuen Counsel for the defendant

Choo Zheng Xi Counsel for the defendant Chu Hua Yi Counsel for the claimant Darius Chan Counsel for the defendant Foo Maw Shen Counsel for the claimant Mark Tan Counsel for the claimant Michael Chan Counsel for the defendant Yeoh Tze Ning Counsel for the defendant

Parties (5)

Babel Asia Asset Management Private Limited Defendant Babel Holding Limited Defendant Parastate Labs Inc Claimant Wang Li Defendant Yang Zhou Defendant

Case Significance

Parastate Labs Inc v Wang Li and others [2023] SGHC 48 sets out the grounds of decision of Andre Maniam J in the General Division of the High Court, in Originating Claim No 130 of 2022 (Summons No 3651 of 2022), heard on 28 November 2022 with the decision dated 28 February 2023. The judge ordered a mandatory stay of the claimant Parastate's claims against the third defendant, Babel Asia, under s 6 of the International Arbitration Act 1994, there being an arbitration agreement between them; on Mr Wang's application he then ordered a case management stay of the rest of the action pending resolution of that putative arbitration. Parastate appealed the case management stay in Summons 3651 of 2022 but not the arbitration stay in Summons 3639 of 2022. Parastate had invested in the Babel Quant Alpha USDT Fund managed by a provider trading as Babel Finance, contracting with Babel Asia, a company wholly owned by the fourth defendant Babel Holding.

Summary

Parastate Labs Inc, which had invested in a cryptocurrency fund managed by Babel Asia Asset Management, sued Babel Asia, its parent company, and two co-founders. After a mandatory stay of the claims against Babel Asia under the International Arbitration Act, the first defendant sought a case management stay of the remainder of the action pending the putative arbitration. Andre Maniam J granted the case management stay, holding it would ensure the efficient and fair resolution of the dispute as a whole.

What did the court decide in Parastate Labs Inc v Wang Li [2023] SGHC 48?

Andre Maniam J ordered a mandatory stay of Parastate's claims against Babel Asia under s 6 of the International Arbitration Act, then a case management stay of the rest of the action pending the putative arbitration. Parastate appealed only the case management stay.

What was the underlying dispute in Parastate Labs Inc v Wang Li ([2023] SGHC 48)?

Parastate invested in the Babel Quant Alpha USDT Fund managed by a cryptocurrency provider trading as Babel Finance. It contracted with the third defendant Babel Asia, a company wholly owned by the fourth defendant Babel Holding; Mr Wang and Mr Yang were among Babel Holding's co-founders.