Calcutta High Court
Bma Commodities Pvt Ltd vs Prosanta Sarkar on 18 May, 2016
Author: Biswanath Somadder
Bench: Biswanath Somadder
ORDER SHEET
AP No.315 of 2016
GA No.1399 of 2016
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
IN THE MATTER OF :
BMA COMMODITIES PVT LTD
VERSUS
PROSANTA SARKAR
BEFORE:
The Hon'ble JUSTICE BISWANATH SOMADDER
Date : 18th May, 2016.
Appearance;
Mr. Rupak Ghosh, Adv.
Mr. Deepak Agarwal, Adv.
The Court : Let the affidavit of service filed in Court today be taken on record.
In spite of service of notice, the respondent remains unrepresented.
The application for section 34 of the Arbitration and Conciliation Act is directed to be heard upon exchange of affidavits. Accordingly, let affidavit in opposition be filed within a fortnight after the summer vacation; reply, if any, a fortnight thereafter. List this matter under the heading, "Arbitration Motion (Adjourned)", in the combined monthly list to be published for the month of July, 2016.
So far as the interlocutory application, being GA No.1399 of 2016, of the petitioner is concerned, it appears that the petitioner is seeking a direction from this Court for stay of the impugned order dated 9th February, 2015, passed by the arbitral tribunal. Perusing the said award, it appears that it has been made and published in accordance with the rules and bye-laws of Multi Commodity Exchange of India Limited. The rules and bye-laws of Multi Commodity Exchange of India Limited provide for 2 depositing the entire amount with the Exchange and also for disbursement of the same even during pendency of the application for setting aside of the award.
This Court is of the view that in the event, the amount deposited by the petitioner before the Multi Commodity Exchange of India Limited is sought to be disbursed, such disbursement shall abide by the result of the setting aside application. In the event, the petitioner finally succeeds, the entire amount shall have to be paid by the respondent herein to the petitioner.
The application is accordingly disposed of.
Urgent photostat certified copy of this order, if applied for, be supplied to the parties upon compliance of all requisite formalities.
(BISWANATH SOMADDER, J.) B.Pal/sp