Pam Development Pvt. Ltd vs Union Of India & Ors
2022 Latest Caselaw 44 Cal/2

OD-3

                  IN THE HIGH COURT AT CALCUTTA
                      Civil Appellate Jurisdiction
                            ORIGINAL SIDE


                          APOT/222/2021
                                With
                           EC/246/2018
                         IA No: GA/1/2021
                    PAM DEVELOPMENT PVT. LTD.
                                 VS.
                      UNION OF INDIA & ORS.



 BEFORE:

 The Hon'ble JUSTICE I. P. MUKERJI
          AND
 The Hon'ble JUSTICE KAUSIK CHANDA
 Date : 10th January, 2022
 [VIA VIDEO CONFERENCE]

                                                            Appearance :
                                               Mr. Aniruddha Mitra, Adv.
                                              Mr. Madan Mohan Roy, Adv.
                                              Mr. Diptimoy Talukdar, Adv.
                                                          ... for Appellant

                                             Mr. Shankar Ranjan Sen, Adv.
                                              Mr. Rabindra Nath Bag, Adv.
                                                        ... for Respondent

The Court : In another appeal from an order in an application

under section 34 of the Arbitration and Conciliation Act, where they were

the appellant, the respondent/railways herein, deposited Rs.39 lacs with

the Registrar, High Court, Original Side.

This appeal is by the contractor from an order of the learned single

judge impliedly refusing them permission to withdraw the said amount

upon furnishing a counter guarantee.

We were shown a decision of the Supreme Court made on 9th

December, 2021, being Annexure H to the stay petition, where-against an

award of Rs.9.47 crores, the deposited sum in appeal was Rs.5 crores in

this court, which was allowed to be withdrawn by the highest court by the

respondent before it upon furnishing a counter guarantee. Mr. Mitra prays

for a similar order.

Considering the above judgment and order of the Supreme Court

dated 9th December, 2021, we direct that upon the appellant herein

securing Rs.35 lacs by a bank guarantee issued by a nationalised bank to

the satisfaction of the learned Registrar, Original Side by 31st January,

2022, the Registrar shall break the above deposit with him and hand over

Rs.32 lacs to the appellant by transfer of the said amount to the bank

account of the appellant electronically. The rest of the deposit shall be re-

invested by the learned Registrar on the same terms and conditions as the

original deposit.

We justify an additional amount of Rs.3 lacs as counter guarantee

to make provision for interest that is likely to have accrued on the original

sum deposited till the disposal of the appeal.

The appeal and the stay application after dispensation with all

formalities are disposed of by this order.

(I. P. MUKERJI, J.)

(KAUSIK CHANDA, J.)

SN.