Texmaco Rail And Engineering Ltd vs Titagarh Wagons Ltd
2023 Latest Caselaw 629 Cal/2

ODC 11

                               ORDER SHEET
                             IA NO.GA/1/2023
                                   With
                               EC/376/2022
                                    In
                               AP/771/2022
                     IN THE HIGH COURT AT CALCUTTA
                   ORDINARY ORIGINAL CIVIL JURISDICTION
                          COMMERCIAL DIVISION

                    TEXMACO RAIL AND ENGINEERING LTD.
                                   VS
                         TITAGARH WAGONS LTD.


 BEFORE:
 The Hon'ble JUSTICE SHEKHAR B. SARAF

Date: 2nd March, 2023.

Appearance:

Mr. Shubradip Roy, Adv.

Mr. Sabyasachi Choudhury, Adv.

Mr. Sayantan Bose, Adv.

Mr. Shounak Mukherjee, Adv.

Ms. Ankita Choudhury, Adv.

The Court: This is an application filed by the award-holder for

withdrawal of Rs.15 crores that has been deposited by the award-debtor

pursuant to the order passed by this Court on 16th November, 2022. A catena

of judgments of this High Court and the Supreme Court are ad idem on the

point that the award-holder should be allowed to enjoy the fruits of the award.

In light of the same, the applicant herein is allowed to withdraw the said

amount upon furnishing a bank guarantee for the equivalent sum to the

satisfaction of the Registrar, Original Side.

I also make it clear that the aforesaid bank guarantee must be renewed

each year with an increment of 5% per annum and at least one month before

the scheduled date of expiry. The bank guarantee as directed above should be

kept alive until further orders of this Court.

Accordingly, IA No.GA/1/2023 is disposed of.

(SHEKHAR B. SARAF, J.)

B.Pal