THE HON'BLE SRI JUSTICE UJJAL BHUYAN
AND
THE HON'BLE DR. JUSTICE CHILLAKUR SUMALATHA
COMCA.NO.5 OF 2020
O R D E R (Per the Hon'ble Sri Justice Ujjal Bhuyan)
Heard Mr.K.Raghavacharyulu, learned counsel for the appellant and Mr. P.Soma Sekhar Naidu, learned counsel for respondent No.1.
2. On 19.03.2021 we had passed the following order:
"COMCA.No.5 of 2020 The appellant is aggrieved by the judgment dated 11.09.2019 passed by the learned Judge, Commercial Court - cum - XXIV Additional Chief Judge, City Civil Court, Hyderabad, whereunder the Award dated 19.02.2018 passed by the Arbitral Tribunal in favour of the respondents has been upheld and the counter claims filed by the appellant have been rejected.
2. Learned counsel for the appellant states that the limited grievance raised in the present appeal is in respect of the directions issued for refund of the bank guarantee amount of Rs.2.28 crores en-cashed by the appellant towards liquidated damages.
3. Limited to the aforesaid aspect of forfeiture of the bank guarantee amount, issue notice.
4. Learned counsel for the respondents accepts notice.
5. Learned counsel for the respondents states that pursuant to the impugned judgment dated 11.09.2019, the respondents have filed an execution petition which is coming up on 22.03.2021. Learned counsel states that the appellant be called upon to deposit the decretal amount with interest in the Registry.
6. List on 27.08.2021.
I.A.NO.1 OF 2020 Issue notice.
2. Learned counsel for the respondents accepts notice.
3. Subject to the appellant depositing the entire decretal amount with up to date interest in the Registry within four weeks from today, the execution proceedings shall remain stayed. Immediately, upon the said amount being deposited, the same shall be placed in an FDR, initially for a period of six months, to be renewed thereafter from time to time till further orders."
3. As per the calculation memo dated 16.04.2021 submitted by Mr. K.Raghava Charyulu, advocate for the appellant, the following amount 2 was deposited with the Registrar (Administration) of this court, the break of which is as under:
i) The amount awarded by the
Arbitrator as per the Award dated
19.02.2018: -- Rs.2,84,64,774/-
ii) Interest on the award amount for
for the period from 15.07.2017 to
16.04.2021 (1372) @ 9% per
Annum - Rs. 90,29,672/-
iii) Total amount to be deposited (i+ii) - Rs.3,80,94,446/-
4. The above amount was received by the Registrar
(Administration), by way of demand draft bearing No.809932 dated 15.04.2021 for Rs.3,80,94,446/- (Rupees three crores, eighty lakhs, ninety four thousand, four hundred and forty six only) drawn in favour of Registrar (Administration), High Court of Telangana.
5. We had heard learned counsel for the parties at length, where- after we found that there was still scope for amicable settlement between the parties. Accordingly, we granted time to the learned counsel for the parties to talk to their respective clients and thereafter to settle the matter, if possible.
6. On the matter being called upon again, both learned counsel for the appellant and respondent No.1 submitted on the basis of instructions, that an amount of Rs.30,00,000/- (Rupees thirty lakhs only) out of the amount deposited by the appellant with the Registrar (Administration) of this court be returned back to the appellant, and the remaining amount of 3 Rs.3,50,94,446/- (Rupees three croes, fifty lakhs, ninety four thousand, four hundred and forty six only) with interest accrued thereon from the date of deposit till the date of payment to the respondent No.1, be released to respondent No.1.
7. This settlement has been arrived at because of the proposal of respondent No.1 for reduction of interest from 9% to 6%, which has been accepted by the appellant.
8. This is how the figure of Rs.30,00,000/- (Rupees thirty lakhs only) has been arrived at.
9. We record our appreciation for the efforts put in by learned counsel for both the sides for amicably settling the matter.
10. Registrar (Administration), High Court of Telangana, is directed to release the aforesaid amount expeditiously.
11. The appeal is disposed of on settlement terms as indicated above.
12. Interlocutory applications pending, if any, shall stand closed. No order as to costs.
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UJJAL BHUYAN,J
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DR. CHILLAKUR SUMALATHA,J DATE:18--11--2021 AVS