Delhi High Court - Orders
Indian Highways Management Company ... vs Efkon India Private Limited on 2 May, 2024
Author: Anup Jairam Bhambhani
Bench: Anup Jairam Bhambhani
$~34
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P. (COMM) 172/2022
INDIAN HIGHWAYS MANAGEMENT COMPANY LIMITED
..... Petitioner
Through: Ms. Akshada Mujwar with Mr.
Varmit Vashishtha, Advocates.
versus
EFKON INDIA PRIVATE LIMITED ..... Respondent
Through: Mr. Prithu Garg with Mr. Parth
Bhatia and Mr. Shivam Singh,
Advocates via video-conferencing.
CORAM:
HON'BLE MR. JUSTICE ANUP JAIRAM BHAMBHANI
ORDER
% 02.05.2024 I.A. 9811/2024 By way of the present application filed on the principles of section 151 of the Code of Civil Procedure 1908, further to what was directed vide order dated 21.08.2023, the respondent seeks a direction to the Registry to release the interest accrued on the awarded sum during the period that the awarded sum was lying deposited in court.
2. Mr. Prithu Garg, learned counsel for the respondent submits, that vide order dated 21.08.2023, this court permitted the respondent to withdraw the amount of Rs.13,25,23,122/- deposited by the petitioner in this court, subject to the respondent furnishing an unconditional bank guarantee of the like amount to the satisfaction of the Registrar General of this court.
O.M.P. (COMM) 172/2022 Page 1 of 3This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/05/2024 at 20:32:30
3. Mr. Garg however submits, that between the time the awarded sum (i.e. principal sum alongwith interest awarded by the learned arbitrator) was deposited in court and the time that that amount was released to the respondent, the awarded sum has earned a further interest of about Rs.1.3 crores, which interest should also be released to the respondent.
4. Mr. Garg submits that the respondent would of course furnish a bank guarantee covering the entire sum i.e. the principal amount awarded plus the interest awarded by the learned arbitrator plus the interest accrued on the awarded sum while it was lying deposited in this court.
5. Issue notice.
6. Ms. Akshada Mujwar, learned counsel appears on behalf of the petitioner on advance copy; accepts notice; and does not object to the prayer being allowed.
7. Ms. Mujwar however points-out, that the respondent be directed to furnish a fresh unconditional bank guarantee covering the entire sum as aforesaid, which should be kept alive during the pendency of this petition.
8. In view of the above, the application is allowed.
9. The Registry is directed to release to the respondent the entire interest accrued on the awarded sum, against the respondent furnishing in favour of the Registrar General of this court an unconditional bank guarantee covering the entire sum released i.e. the principal awarded sum plus the interest awarded by the learned arbitrator plus the interest accrued on the awarded sum while it was deposited in court. Such bank guarantee shall be kept alive by the respondent during the pendency of this petition or till further order(s) of this court. Once a fresh bank O.M.P. (COMM) 172/2022 Page 2 of 3 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/05/2024 at 20:32:30 guarantee is furnished and verified, the bank guarantee furnished earlier shall be returned to the respondent by the Registry.
10. Let the needful be done within 03 weeks.
11. Application stands disposed-of.
O.M.P. (COMM) 172/2022
12. Re-notify on 24th July 2024, the date already fixed.
ANUP JAIRAM BHAMBHANI, J MAY 2, 2024 ds O.M.P. (COMM) 172/2022 Page 3 of 3 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/05/2024 at 20:32:30