Delhi High Court - Orders
Upm Kymmene Corporation vs The State Trading Corporation Of India ... on 23 July, 2025
Author: Jasmeet Singh
Bench: Jasmeet Singh
$~97
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ EX.P. 82/2012
UPM KYMMENE CORPORATION .....Decree Holder
Through: Mr. Ramesh Singh, Sr. Av. with
Ms. Bharti Badesra, Ms. Shivleen
Pasricha, Ms. Hage Nanya, Advs.
versus
THE STATE TRADING CORPORATION OF INDIA LTD
.....Judgement Debtor
Through: Mr Sanjiv Puri, Sr. Adv. with Mr.
Danish Zubair Khan, Adv.
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
ORDER
% 23.07.2025
EX.APPL.(OS) 593/2025
1. This is an application seeking revival of the main petition.
2. The main petition seeks execution of the Award dated 17.12.1998 as modified by the learned Single Judge of this Court in CS (OS) 346 of 1999 dated 15.03.2005. Subsequently, the said judgment of 15.03.2005 was challenged before the Division Bench in FAO (OS) 204/2005 which was dismissed on 29.10.2018. Thereafter, against the said judgment, an SLP was preferred wherein the Hon'ble Supreme Court vide order dated 06.08.2024 observed as under :
"1. Heard learned senior counsels for the parties.
2. Leave granted on the issue whether the Arbitrators could have awarded 18% interest on the Award amount of US$1,30,681.52 or the interest could have been as per the (London Interbank Offer Rate) LIBOR rates only."
This is a digitally signed order.
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3. As per the judgment debtor, he deposited the amount due and payable with the Registrar General on 30.05.2013 and another portion in July, 2013.
4. This Court vide order dated 13.05.2022 in the present execution petition permitted the decree holder to withdraw the amount deposited by the judgment debtor with this Court subject to furnishing of corporate guarantee.
5. Mr. Singh, learned senior counsel states that in view of the order of the Hon'ble Supreme Court dated 06.08.2024, the amount in dispute is only the interest component post 1992 to 2005 and there is no other dispute pending. The same is disputed by the learned senior counsel for the judgment debtor.
6. Be that as it may, as per the judgment debtor, an amount of Rs.
1,44,74,763.88 is not in dispute and is payable by the judgment debtor.
7. Without prejudice to the rights of the parties, an amount of Rs.
1,44,74,763.88 be released to the decree holder/its representative without insisting on the corporate undertaking as directed in the order of 13.05.2022.
8. The account details reads as follows:
Name of the Bank: NORDEA BANK LTD City and Country of Branch of Bank: HELSINKI-FINLAND Bank Account No. : 213262-00085 Account Type: USD Swift Number: NDEAFIHH IBAN : FI7821326200000085 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 30/07/2025 at 21:27:30
9. The calculation handed over in Court today is taken on record.
10. List for further hearing on 24.09.2025.
JULY 23, 2025 JASMEET SINGH, J 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 30/07/2025 at 21:27:30