Growth Techno Projects Limited vs Ishwar Industries Ltd on 27 January, 2023

[Cites 1, Cited by 0]

Delhi High Court - Orders

Growth Techno Projects Limited vs Ishwar Industries Ltd on 27 January, 2023

Bench: Navin Chawla

                   $~33
                   *    IN THE HIGH COURT OF DELHI AT NEW DELHI
                   +    O.M.P.(I) (COMM.) 21/2023 & I.A. 1662/2023
                        GROWTH TECHNO PROJECTS LIMITED              ..... Petitioner
                                       Through: Mr.Manish Vashisht, Sr. Adv. with
                                                   Mr.Vanshay Kaul, Ms.Sanjana
                                                   Nangia, Advs.
                                       versus

                             ISHWAR INDUSTRIES LTD                  ..... Respondent
                                          Through: Ms.Ekta Mehta, Adv.

                              CORAM:
                              HON'BLE MR. JUSTICE NAVIN CHAWLA
                                           ORDER

                   %                       27.01.2023
                   1.       Issue notice.

2. Notice is accepted by Ms.Ekta Mehta, learned counsel appearing on behalf of the respondent.

3. Let reply be filed within a period of three weeks. Rejoinder thereto, if any, be filed within a period of two weeks thereafter.

4. List this petition along with OMP (COMM) No.106/2017 on 23rd March, 2023 before appropriate Bench.

5. It is the case of the petitioner that in terms of the Arbitral Award dated 17.07.2007, the respondent has been directed to pay inter alia a sum of Rs.3,06,32,550/- (Rupees Three Crore Six Lakhs Thirty Two Thousand Five Hundred and Fifty only) along with the interest @12% per annum to the petitioner.

6. The petitioner contends that the respondent has challenged the said Award by way of the above mentioned petition filed under Section 34 of the Arbitration and Conciliation Act, 1996.

Signature Not Verified Digitally Signed By:SUNIL Signing Date:30.01.2023 18:35:11

7. It is further contended that the respondent is in the process of dissipating its movable and immovable assets.

8. On the other hand, the learned counsel for the respondent submits that as far as the Block 4 of the property mentioned in the petition is concerned, the same stands transferred to a third party much before the arbitral Award itself.

9. She further submits that as far as Block 6 is concerned, there also the respondent has created third party interest.

10. Be that as it may, as today, the petitioner has an arbitral Award of a sum of money in its favour. In my opinion, the respondent must satisfy the Court that it would have sufficient funds to meet any liability that may arise in case the Arbitral Award is upheld.

11. It is, therefore, directed that the respondent shall file an affidavit disclosing its assets within a period of three weeks from today. The respondent shall also not create any further third party interest in Block no. 6 situated in Khasra Nos.256, 257, -258 Min. 259, 261, 262, 264, 1723/1705, 1724/1707 situated in Village Bahapur, New Delhi, till further orders.

NAVIN CHAWLA, J JANUARY 27, 2023 RN Signature Not Verified Digitally Signed By:SUNIL Signing Date:30.01.2023 18:35:11

Unlock Advanced Research with PRISMAI

Delhi High Court - Orders