National Insurance Company Ltd vs Coromandel International Ltd
2021 Latest Caselaw 14711 Bom

              IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                    ORDINARY ORIGINAL CIVIL JURISDICTION
                          [ COMMERCIAL DIVISION ]

              INTERIM APPLICATION (LODGING) NO.22783 OF 2021
                                      IN
            COMMERCIAL EXECUTION APPLICATION NO.29 OF 2021

National Insurance Company Ltd.                .. Applicant-Judg. Debtor
  In the matter between
Coromandel International Ltd.                  .. Org. Applicant-Judg. Creditor
           Vs.
National Insurance Company Ltd.                .. Org. Respondent-Judg Debtor


Mr. S.C. Naidu, with Mr. Vikram Deshmukh and Mr. Rushabh Vidyarthi, i/by
Mr. Asim Vidyarthi, for the Applicant-Original Respondent-Judgment Debtor.

Dr. Birendra Saraf, Sr. Advocate, with Mr. Jay Sanklecha, Mr. Rahul Jain and
Ms. Mahafrin Mehta, i/by HSA Advocates, for the Respondent-Original
Applicant-Judgment Creditor.


                                        CORAM : A. K. MENON, J.

                                        DATE      : 7TH OCTOBER, 2021.

P.C. :

1. Mr. Naidu on behalf of the applicant-judgment debtor seeks leave to

amend prayer clauses (a) and (b) to specify two warrants of attachments and

in prayer clause (b), replace the words "impugned award" with "warrants of

attachments". Leave to amend is granted. Amendment to be carried out

forthwith.

15-IAL-22783-2021.doc Dixit

2. The IA seeks raising of attachments levied on immovable and movable

properties pursuant to two warrants of attachments in the process of

executing an Award.

3. The applicant-judgment debtor has also filed a petition under Section

34 of the Arbitration and Conciliation Act, 1996 before the appropriate court.

That court has. vide order dated 1st October 2021, observed that since the

applicant-judgment debtor is seeking to deposit the amount awarded with

interest up-to-date, it would be in the fitness of the things that the amount is

deposited in the executing court since the properties were attached pursuant

to the above Execution Application.

4. Today it is submitted by Mr. Naidu that a sum of Rs.2,46,67,459=63, as

claimed to be due as on date per computation made by the respondent-award

holder, will be deposited in this court and that the attachments may be raised.

5. On behalf of the respondent-judgment creditor, Dr. Saraf confirms that

the amounts are as computed by the respondent-judgment creditor and

submits that the respondent-judgment creditor reserves its right to seek

withdrawal of these amounts and to claim further interest, as awarded. He

has no objection to the attachments being raised, provided the aforesaid

amount is deposited without prejudice to his aforesaid contention.

6. Mr. Naidu states that he will seek appropriate orders from the court

hearing the arbitration petitions for seeking stay of further execution.

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7. In view thereof, I pass the following order :-

(i) The applicant-judgment debtor shall deposit a sum of

Rs.2,46,67,459=63 on or before 28th October 2021.

(ii) Upon deposit of the aforesaid sum, the attachments

levied on immovable and movable properties shall stand

raised.

(iii) Both the warrants and the attachments under Order

XXI Rules 43 and 54 of the CPC, both dated 9 th

September 2021, annexed at Exhibits A and B,

respectively, to the IA, shall stand cancelled.

(iv) Upon being furnished with proof of deposit of the

aforesaid sum of Rs.2,46,67,459=63, liberty is reserved

to the respondent-judgment creditor for withdrawal of

the amount before the appropriate court.

(v) In the meantime, till 17th November 2021, all further

proceedings in execution shall remain stayed.

(vi) Sheriff shall act on the authenticated copy of this order.

(vii) IA is disposed in the above terms.

(A.K. MENON, J.)

15-IAL-22783-2021.doc Digitally signed SNEHA by SNEHA ABHAY DIXIT ABHAY Date:

DIXIT   2021.10.07
        17:51:57 +0530     Dixit