Delhi High Court - Orders
Oil And Natural Gas Corporation Limited vs Consortium Of Sree Meil on 4 September, 2020
Author: Rekha Palli
Bench: Rekha Palli
Via video conferencing
$~OS-9
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P. (COMM) 438/2020& I.A. 5806/2020, I.A. 5807/2020
OIL AND NATURAL GAS CORPORATION LIMITED
..... Petitioner
Through: Mr.Sudhir Nandrajog, Sr. Adv. with
Mr.Sunil Kumar Gandhi,
Mr.Dipender Chauhan & Mr.Kunal
Kumar, Advs. with Ms.Alokita Basu,
AR of the petitioner.
versus
CONSORTIUM OF SREE MEIL ..... Respondent
Through: Mr.Sachin Dutta, Sr. Adv. with
Mr.Purvesh Buttan, Mr.Fahad Imtiaz
& Mr.P.V. Siv Prasad, Advs.
CORAM:
HON'BLE MS. JUSTICE REKHA PALLI
ORDER
% 04.09.2020
1. The present petition under Section 34 of the Arbitration and Conciliation Act, 1996 assails the arbitral award dated 21.02.2020 as corrected on 27.02.2020.
2. On 20.07.2020, this Court, while issuing notice in the petition and staying the operation of the award, had directed the petitioner to deposit 50% of the awarded amount and to furnish a bank guarantee for the remaining 50% of the amount.
3. Though pleadings in the matter are complete and the respondent has Signature Not Verified Signed By:GARIMA MADAN Location: Signing Date:04.09.2020 22:03:52 also filed its written submissions, learned senior counsel for the respondent submits that the petitioner has not fully complied with the order passed by this Court dated 20.07.2020, as it has neither deposited 50% of the entire sum awarded, nor furnished a bank guarantee for the remaining 50% of the amount. By placing reliance on the decision of the Supreme Court in M/s Hyder Consulting (UK Ltd) v. Governor, State of Orissa, 2016 (6) SCC 362, he submits that once the pre-reference and pendente lite interest has been awarded by the Arbitral Tribunal in respect of some of the main claims, the interest component would necessarily be included in the awarded sum. He, therefore, contends that the petitioner is required to deposit and furnish the bank guarantee in accordance with the total sum awarded by the Tribunal.
4. Learned senior counsel for the petitioner, while not disputing the legal position, submits that the said aspect of the pre-reference and pendente lite interest being awarded under the Award appears to have escaped the notice of the petitioner while depositing the amount before this Court. He, therefore, prays that the petitioner be granted six weeks' time to deposit the shortfall and furnish an additional bank guarantee for the remaining amount. At request, the time as prayed for is granted. The petitioner is directed to deposit the deficit amount and furnish the additional bank guarantee within the next six weeks
5. At request, the petitioner is granted further six weeks' time to file its written submissions.
6. List on 23.11.2020.
REKHA PALLI, J SEPTEMBER 4, 2020/gm Signature Not Verified Signed By:GARIMA MADAN Location: Signing Date:04.09.2020 22:03:52