Bombay High Court
Integrated Sales Services Ltd., Hong ... vs Dmc Management Consultants Ltd., New ... on 29 November, 2021
Author: Vinay Joshi
Bench: V. G. Joshi
35.mca.1319.15 1/3
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
NAGPUR BENCH, NAGPUR
Civil Application [MCA] No.1319 of 2015
Integrated Sales Services Limited
vs.
DMC Management Consultants Ltd. & others
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Office notes, Office Memoranda of
Coram, appearances, Court's orders Court's or Judge's Orders
or directions and Registrar's orders.
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Shri D.V. Chauhan, Advocate for the Applicant.
Shri W.T. Mathew, Advocate for Non-Applicant No.1.
Shri Masood Shareef, Advocate for Non-Applicant No.2.
Shri S.D. Dewani, Advocate for Non-Applicant No.3.
CORAM : VINAY JOSHI, J.
DATE : 29th NOVEMBER, 2021.
Heard.
02] This application is seeking withdrawal of the amount
deposited as per directions of the Supreme Court, initially in the Supreme Court and then transmitted to this Court. The matter arises out of an application under Section 49 of the Arbitration and Conciliation Act, for execution of foreign award. It appears that initially non-applicant No.2, an individual, has disputed his liabilities, hence the matter went up to the Supreme Court and finally the claim of non-applicant No.2 has been turned down resulting into holding that he is also bound rather award can be executed against him.
03] During pendency of the proceedings before the Supreme Court, as per interim directions, non-applicant No.2 has deposited amount of Rs.2.00 crores, which has now turned to Rs.2,42,67479/-, obviously by accrual of interest. After disposal of the proceedings in the Supreme Court, perhaps in the month of ::: Uploaded on - 01/12/2021 ::: Downloaded on - 01/12/2021 23:05:14 ::: 35.mca.1319.15 2/3 August, 2021, the amount has been transmitted on 23 rd October, 2021 to this Court with a liberty to the applicant to approach this Court for suitable orders, obviously for seeking withdrawal.
04] In turn, the amount has been transferred to the Registry of this Court and is lying there.
05] Learned Counsel Shri Shareef appearing for non- applicant No.2 seeks time to file reply to this application. He would contend that first time this application has come up and he has recently received the copy of this application. Mainly, he has contended that he has to seeks instructions from the Counsel, who was representing his client in the Supreme Court. More particularly, he made a statement that a review application has been filed in the Supreme Court, which is pending and expected to be listed shortly. The amount being huge, he requires to take proper instructions, hence, sought reasonable time to respond this application effectively. Learned Counsel Shri Chauhan objected to grant time by contending that the award is very old of the year 2010 and the decree holder is awaiting for the fruits of the award from last 10 years. It is not in dispute that the amount has been remitted to this court on disposal of proceedings filed by non- applicant No.2 with a direction to deal the amount appropriately on application. The amount is near about 2.42 crores, obviously a big amount.
06] Having regard to said fact, though learned Counsel Shri Chauhan objected, I feel that non-applicant No.2 must get sufficient time to respond by taking resume of instructions and the proceedings he has later on filed before the Apex Court.
::: Uploaded on - 01/12/2021 ::: Downloaded on - 01/12/2021 23:05:14 ::: 35.mca.1319.15 3/307] Hence, three weeks' time is granted to file reply. In the meantime, the amount transmitted to this Court shall be invested in fixed deposit of a short duration with any nationalized bank. Registrar (Judicial) to comply accordingly.
08] Stand over to 20th December, 2021.
JUDGE
*sandesh
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