Supreme Court - Daily Orders
Jindal India Thermal Power Limited vs Quartz Infra And Engineering Pvt Ltd on 27 September, 2023
1
ITEM NO.8 COURT NO.1 SECTION XI-A
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for Special Leave to Appeal (C) No(s).19380/2023
(Arising out of impugned final judgment and order dated 03-07-2023
in ARBA No. 4/2021 passed by the High Court of Orissa at Cuttack)
JINDAL INDIA THERMAL POWER LIMITED Petitioner(s)
VERSUS
QUARTZ INFRA AND ENGINEERING PVT LTD Respondent(s)
(FOR ADMISSION and I.R. and IA No.177888/2023-EXEMPTION FROM FILING
C/C OF THE IMPUGNED JUDGMENT)
Date : 27-09-2023 This petition was called on for hearing today.
CORAM :
HON'BLE THE CHIEF JUSTICE
HON'BLE MR. JUSTICE J.B. PARDIWALA
HON'BLE MR. JUSTICE MANOJ MISRA
For Petitioner(s) Mr. Parag P. Tripathi, Sr. Adv.
Mr. Mahesh Agarwal, Adv.
Mr. Rishi Agrawala, Adv.
Mr. Prashant Mehta, Adv.
Mr. Shashwat Singh, Adv.
Ms. Prachi Kohli, Adv.
Mr. Rajesh Kumar, Adv.
Mr. E. C. Agrawala, AOR
For Respondent(s) Mr. Gopal Jha, AOR
UPON hearing the counsel the Court made the following
O R D E R
1 The challenge under Section 34 of the Arbitration and Conciliation Act 1996 to the award of the arbitral tribunal dated 21 February 2017 was rejected by the District Court on 9 April 2021. The High Court has dismissed the appeal under Signature Not Verified Digitally signed by Sanjay Kumar Date: 2023.09.27 Section 37 by the impugned order dated 3 July 2023.
15:39:28 ISTReason: 2 Besides the concurrent findings of fact, we do not find any substantial ground of public policy on the basis of which the award could have been impugned on 2 merits. However, Mr Parag P Tripathi, senior counsel appearing on behalf of the petitioner, has made a fervent plea for the reduction of interest from 18% to 12%. Senior counsel submitted that the arbitral tribunal awarded interest at the rate of 12%, if paid within thirty days, and, thereafter, at the rate of 18%. 3 Mr V Subba Raju, Managing Director of the respondent, who is present in Court, states that there is no objection of the rate of interest being scaled down from 18% to 12% provided the payment is made to the respondent within a period of one month.
4 The petitioner has already deposited an amount of Rs 7.50 crores before the High Court of Orissa. The respondent would be at liberty to withdraw the above amount unconditionally. The payment of the balance amount which is due and payable in terms of the award, save with the modification that interest shall be computed at the rate of 12%, shall be made over to the respondent on or before 30 November 2023.
5 Upon the payment being made to the respondent, the execution proceedings shall stand closed subject to proof of payment being produced before the concerned court.
6 In the event of any failure to effect deposit, the execution proceedings shall continue to their logical conclusion.
7 Subject to the above modification, the petition shall stand disposed of. 8 Pending application, if any, stands disposed of.
(SANJAY KUMAR-I) (SAROJ KUMARI GAUR)
DEPUTY REGISTRAR ASSISTANT REGISTRAR