Bombay High Court
Atul Shivdas Ganatra vs Inox Wind Ltd on 31 January, 2024
Author: R.I. Chagla
Bench: R.I. Chagla
15-ial-3106-2021.doc
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO.3106 OF 2021
IN
COM ARBITRATION PETITION NO.62 OF 2021
Inox Wind Ltd. ...Applicant /
Petitioner
Versus
Atul Shivdas Ganatra ...Respondent
WITH
INTERIM APPLICATION (L) NO.17436 OF 2023
IN
INTERIM APPLICATION NO.3005 OF 2021
WITH
COM EXECUTION APPLICATION NO.84 OF 2023
WITH
INTERIM APPLICATION (L) NO.1933 OF 2024
AND
INTERIM APPLICATION (L) NO.2107 OF 2024
WITH
INTERIM APPLICATION NO.6940 OF 2023
IN
COM EXECUTION APPLICATION NO.84 OF 2023
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Mr. Ashish Kamat, Senior Counsel, Mr. Priyank Kapadia, Ms. Anuja
Jhunjhunwala and Mr. Aditya Marwal i/b. M Mulla Associates for
Award Holder.
Mr. Rishabh Gupta, Ms. Jyoti Sinha, Mr. Milind Jain and Ms. Tanvi
Goenka i/b. Khaitan and Co. for Inox Wind Ltd. for Judgment
Debtor /Applicant / Original Respondent.
Mr. Goviind Vijay, General Counsel for Inox Wind Ltd. is present.
----------
CORAM : R.I. CHAGLA J.
DATE : 31ST JANUARY, 2024.
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15-ial-3106-2021.doc
ORDER :
1. This Court has been apprised of the orders which have
been passed in the Execution Proceedings including the order of the
learned Single Judge dated 4th January, 2022 by which this Court
had in view of the statement made by the Counsel for the Judgment
Debtor / Respondent directed the furnishing of an unconditional
bank guarantee of ICICI Bank in the name of the Prothonotary and
Senior Master of this Court in the sum of Rs.19,23,70,582/- together
with interest @ 18% p.a. and which was to be kept alive until further
orders of this Court. In paragraph 4 (b) of the said Order, the bank
guarantee was to be renewed from year to year, with interest @ 18%
p.a. in the manner mentioned in paragraph 4(b) (i) to (iii).
2. Further, this Court was apprised of the subsequent order
passed by the learned Single Judge of this Court dated 29th March,
2022 by which paragraph 4(b) of the prior order was substituted by
consent of the Applicant and Respondent and that instead of
furnishing bank guarantee, the Respondent was permitted to deposit
an amount of INR 22,69,97,286/- as per paragraph 4(b) (i) of the
said Order dated 4th January, 2022 with the Prothonotary and Senior
Master on or before 31st March, 2022 as well as to make top up of
15-ial-3106-2021.doc
the interest component in terms of paragraph 4 (b) (ii) and (iii) of
the said Order. It is an admitted position that, the Respondent /
Judgment Debtor has deposited an amount of Rs.22,69,97,286/- but
failed to deposit the top up interest component as per sub clause (ii)
of Clause (b) of the said order dated 4th January, 2022 read with the
subsequent order dated 29th March, 2022.
3. This Court has also been apprised of the subsequent
orders passed by this Court including order dated 15th December,
2023 which recorded the statement of the Counsel for the
Respondent / Judgment Debtor that in order for compliance of the
said orders further extension of time is granted. The top up interest
component in terms of sub clause (ii) of Clause (b) of order dated
4th January, 2022 read with the subsequent order dated 29th March,
2022 was to be deposited within a period of four weeks from the date
of the said Order. This Court had further recorded that the interest
contemplated for the third year shall be deposited within the
timelines stipulated in the said Orders.
4. The learned Counsel appearing for the Respondent /
Judgment Debtor states on instructions that sub clause (ii) of Clause
(b) of the said Order dated 4th January, 2022 as modified by
15-ial-3106-2021.doc
paragraph 6 of the subsequent order dated 29th March, 2022 which
has not been complied with within the extended time, will be
complied with within a period of two weeks from the date of this
Order. The statement is accepted as an undertaking to this Court.
5. It is made clear that in the event there is non compliance
of the aforementioned undertaking, the Interim Application taken out
by the Respondent / Judgment Debtor for modification of the said
orders dated 4th January, 2022 read with 29th March, 2022 shall
stand dismissed.
6. This Court was inclined to issue Notice in the Contempt
Petition (L) No.26812 of 2023 which has been filed by the Applicant
for breach of the undertaking by the Respondent / Judgment Debtor
given to this Court which undertaking is recorded in the order dated
4th January, 2022 read with subsequent Order dated 29th March,
2022. However, in view of the above statement and as by way of last
chance to the Respondent / Judgment Debtor for compliance with
the same, notice is not being issued.
7. The matters are adjourned to 20th February, 2024.
[ R.I. CHAGLA J. ]
