National Insurance Company Ltd vs Fenasia Limited
2023 Latest Caselaw 110 Cal/2

ODC 43
                            ORDER SHEET
                          IA NO. GA/2/2022
                            IN AP/6/2022
                  IN THE HIGH COURT AT CALCUTTA
                ORDINARY ORIGINAL CIVIL JURISDICTION
                       COMMERCIAL DIVISION


                  NATIONAL INSURANCE COMPANY LTD.
                                 Vs
                          FENASIA LIMITED


 BEFORE:
 The Hon'ble JUSTICE SHEKHAR B. SARAF
 Date: 11th January, 2023.

                                                                  Appearance:
                                                     Mr. Debajyoti Datta, Adv.
                                                 Mr. Avijeet Doss Mullick, Adv.

                                                          Mr. Anuj Singh, Adv.
                                                    Mr. Ajay Chakraborty, Adv.


          The Court: Mr. Anuj Singh, counsel appearing on behalf of the

    respondent, submits that they wish to withdraw the money that has been

secured by the National Insurance Company Ltd. (the petitioner). The

petitioner had deposited an amount of Rs. 44,70,206/-with the Registrar,

Original Side, High Court at Calcutta pursuant to an order dated 8 th March,

2022 of this Court, to obtain a stay on the award.

A catena of judgments of the High Court and the Apex Court have held

that the award holder should be allowed to enjoy the fruits of the award and

should be allowed to withdraw the money with conditions that may be

imposed by the Court.

In light of the above I direct the following to balance the equities:

a) The award holder shall furnish a bank guarantee to the equivalent

sum of money (Rs.44,70,206/-) and upon such furnishing of the

bank guarantee to the satisfaction of the Original, Registrar,

Original Side, the Registrar, Original Side shall release the money

to the award holder/respondent.

b) The respondent shall renew the bank guarantee one month prior

to the expiry of the same at an increment of 5% each year. The

bank guarantee as directed above should be kept alive until further

orders of the Court.

With the above directions GA No.2 of 2022 in AP No.6 of 2022 is

disposed of.

(SHEKHAR B. SARAF, J.) sp/