Reliance Industries Ltd vs National Insurance Company Ltd
2023 Latest Caselaw 5244 Bom

2023:BHC-OS:4577

                                                                                    32.IAL.11983.23 in CARBP.12.21.doc



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

                              INTERIM APPLICATION (L) NO. 11983 OF 2023
                                                IN
                           COMMERCIAL ARBITRATION PETITION NO. 12 OF 2021


              Reliance Industries Limited                     ...     Applicant/Orig. Respondent

              In the matter between

              National Insurance Company Limited ...                  Petitioner

                         Versus

              Reliance Industries Limited                     ...   Respondent


              Mr. Firdosh Pooniwala, Senior Advocate a/w Bhushan Deshmukh, Reshma
              Ranadive, Rubin Vakil, Priyanka Masand, Kshitij Madekar i/b A.S. Dayal &
              Associates for the Applicant.
              Mr. Navroz Seervai, Senior Advocate a/w Yashesh Kamdar, Suraj Iyer,
              Jenil Shah i/b Ganesh & Co. for the Respondent.


                                                        CORAM :      R.I. CHAGLA, J.
                                                        DATED :      7th JUNE, 2023
              ORDER :

1 By this Interim Application the Applicant/Original

Respondent has sought an order permitting the Applicant to withdraw the

amount of Rs.777 crores deposited by the Petitioner in this Court on

furnishing solvent security in the form of a bank guarantee of a reputed

bank as this Court deems fit.

              Waghmare                                                                                            1/3




                                                      32.IAL.11983.23 in CARBP.12.21.doc



2             By an order dated 09.03.2023 this Court had granted stay of

the impugned award by directing the Petitioner to deposit the awarded

amount which is in the sum of Rs.777 crores including interest as on

13.06.2022. The said amount of Rs.777 crores was deposited by the

Petitioner with the Prothonotary and Senior Master in compliance with

the said order.

3 Mr. Pooniwala, learned Senior Counsel appearing for the

Applicant states that by the said order dated 09.03.2023 liberty had been

granted to the Applicant/Original Respondent to apply for permission to

withdraw the amount. Accordingly, the present Interim Application has

been filed.

4 Mr. Navroz Seervai, learned Senior Counsel appearing for the

Petitioner very fairly states that the Petitioner has no objection to the

relief sought for in the Interim Application being granted considering that

the Arbitration Petition has been dismissed by judgment dated 05.06.2023

passed by this Court.

5 Mr. Pooniwala states on instructions that the said amount of

Rs.777 crores deposited by the Petitioner will be withdrawn subject to

furnishing of 100% bank guarantee issued by HDFC Bank. Statement is

accepted.

Waghmare                                                                           2/3




                                                                32.IAL.11983.23 in CARBP.12.21.doc



6                 Accordingly, the following order is passed :


                  i)      The Prothonotary and Senior Master of this Court is

directed to allow the Applicant to withdraw the amount of

Rs.777 crores deposited by the Petitioner in this Court on

furnishing 100% bank guarantee issued by HDFC Bank.

ii) Interim Application is accordingly disposed of.

                                                                 (R.I. CHAGLA, J.)




Waghmare                                                                                     3/3