Dilip Kumar Chatterjee vs State Of West Bengal And Ors
2023 Latest Caselaw 2884 Cal/2

OCD-6
                                  ORDER SHEET

                                  AP/651/2023

                       IN THE HIGH COURT AT CALCUTTA
                        Ordinary Original Civil Jurisdiction
                                 ORIGINAL SIDE
                              (Commercial Division)


                          DILIP KUMAR CHATTERJEE
                                   Versus
                       STATE OF WEST BENGAL AND ORS.


  BEFORE:
  The Hon'ble JUSTICE MOUSHUMI BHATTACHARYA
  Date : 10th October, 2023.

                                                                        Appearance
                                                           Mr. Priyankar Saha, Adv.
                                                           Mr. Hemant Tiwari, Adv.
                                                                  ...for the petitioner

                                                             Mr. Airban Ray, Ld. GP
                                                        Mr. Paritosh Sinha, Ld. AOR
                                                         Mr. Arindam Mandal, Adv.
                                                        Mr. Shourya Samanta, Adv.
                                                         ...for the State respondent

The Court: This matter has been brought to the list at the instance of the

award-holder. By a judgment dated 26th September, 2023, the award-holder's

application for withdrawal of the amount lying with the Registrar, Original Side

pursuant to an order of stay of the impugned Award, was allowed.

Learned counsel appearing for the award-holder submits that paragraph

17 of the judgment allowed the award-holder to withdraw the amount of Rs.3.4

crores upon furnishing a bank guarantee of an equivalent amount without

mentioning the accrued interest.

The advocate-on-record of the award-debtor submits that the prayer in

the application was only for withdrawal of the principal amount.

However, having regard to the fact that the Award is of 25th April, 2012

and the award-holder has been permitted to withdraw this amount on 26th

September, 2023, which is more than 11 years from the date of the Award, it is

only fair and logical that the award-holder also be permitted to withdraw the

entirety of the amount mentioned in the Joint Registrar's letter of 9th October,

2023. The principal amount along with accrued interest as on 9th October,

2023 is mentioned as Rs.3,61,37,045/-. Therefore, the balance amount (total

amount - principal amount) would be Rs.21,37,045/-. The award-holder will

hence be permitted to withdraw the amount upon furnishing a bank guarantee

of an equivalent amount upon compliance of the formalities under the Original

Side Rules mentioned in the last paragraph of the letter.

The award-holder will be at liberty to withdraw this amount within a

week from date and on the very same day of furnishing the bank guarantee of

an equivalent amount which will be done first before the balance amount is

withdrawn.

(MOUSHUMI BHATTACHARYA, J.)

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