The timely filing of a request for arbitration constitutes the commencement of the proceedings on the merits within the time limit set by the court which granted the interim measure, so that the conditions for declaring the protective attachment ineffective are not met.
A party incurs liability in tort where, in proceedings seeking a declaration that the interim measure is ineffective, it fails to inform the court of the pendency of the arbitral proceedings on the merits and of the supervening change in the standing of the secured party, thereby breaching the procedural rules designed to ensure that both parties are properly heard.