Rashtriya Chemicals And ... vs Swastik Realty Pvt Ltd
2021 Latest Caselaw 16496 Bom

                                IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                    ORDINARY ORIGINAL CIVIL JURISDICTION


                                 INTERIM APPLICATION (L) NO. 27548 OF 2021
                                                     IN
            Digitally
            signed by
            RUPALI
RUPALI      RAJESH


                                    EXECUTION APPLICATION NO. 16 OF 2021
RAJESH      WAKODIKAR
WAKODIKAR   Date:
            2021.11.30
            17:24:31
            +0530

                                                     IN
                         ARBITRATION PETITION AWARD DATED 19TH MAY, 2020


              Rashtriya Chemicals and Fertilizers Ltd.             .. Judgment Debtor/
                                                                     Respondent
              In the matter of
              Swastik Realty Private Limited                       .. Decree Holder/
                                                                   Applicant
                         v/s.
              Rashtriya Chemicals and Fertilizers Ltd.             .. Judgment Debtor/
                                                                     Respondent


              Mr. Pankaj Sawant, Senior Advocate, Aliabbas Delhiwalla, Subhash
              Bhalwal & Sarthak Solaskar i/b M/s Vyas & Bhalwal for the Applicant.

              Mr. D. Dixit for the Defendant.


              Mr. D.S. Choudhari, Deputy Sheriff, present.


                                                 CORAM : A. K. MENON, J.

DATED : 29TH NOVEMBER, 2021.

P.C. :

1. This is an application seeking raising of attachment and vacating

the warrant of attachment and for staying of further proceedings in

54. IA(L) 27548-2021.odt Wakodikar execution of an award dated 19 th May, 2020. The applicant is the

Judgment Debtor and Mr. Sawant, learned Counsel appearing on behalf

of the applicant today, states that the decretal amount as on 25 th

November, 2021 and as communicated by the learned Counsel for the

Decree Holder is a sum of Rs.1,37,24,967/- including interest of

principal sum awarded.

2. The learned Counsel for the respondent/Decree Holder confirms

the computation of principal and interest. Mr. Sawant states that he has

a pay order ready in favour of the Prothonotary and Senior Master. He

seeks raising of attachment on depositing that amount with

Prothonotary. Although, the amount ought to have been deposited with

Sheriff of Mumbai, in view of the attachment, Mr. Sawant, on

instructions, states that the applicant is willing to pay the amount in

favour of the poundage payable to the Sheriff of Mumbai, if so ordered,

within two weeks from today. The statement is accepted as an

undertaking to the Court.

3. The amount of poundage etc. will be considered at the

appropriate stage. However, in the meantime, the principal and interest

computed is to be deposited in this Court with the Prothonotary and

Senior Master. I am of the view that upon the deposit being made,

attachment is required to be raised, however, the Execution Application

54. IA(L) 27548-2021.odt Wakodikar will have to be kept pending since the petition under Section 34 of

Arbitration and Conciliation Act is yet to be heard. In view of the above,

I pass the following order;

(i) By consent, Interim Application is made absolute in terms of

prayer clause (a), subject to depositing of aforesaid sum of

Rs.1,37,24,967/- with the Prothonotary and Senior Master on or

before 1st December, 2021. If the amount is deposited on or

before 1st December, 2021, the attachment shall stand raised.

(ii) Advocate for the Decree Holder shall communicate to the

Sheriff of Mumbai the fact of such deposit.

(iii) Upon the aforesaid communication from the Advocate for

the Decree Holder, the attachment shall be raised and the warrant

of sale be cancelled.

(iv) The Prothonotary and Senior Master shall invest the aforesaid

sum initially for a period of one year in a nationalised bank, to be

renewed from time to time, till further orders. If the petition

under Section 34 is rejected for any reason, the applicant/Decree

Holder is at liberty to withdraw the said amount.

(v) Interim Application is disposed in the above terms.

(A. K. MENON, J.)

54. IA(L) 27548-2021.odt Wakodikar