Trading Corporation Limited vs Punalur Paper Mills Ltd
2024 Latest Caselaw 3070 Cal/2

Calcutta High Court

Trading Corporation Limited vs Punalur Paper Mills Ltd on 3 October, 2024

Author: Sugato Majumdar

Bench: Sugato Majumdar

OCD 4 wt 5
                       IN THE HIGH COURT AT CALCUTTA
                  ORDINARY ORIGINAL CIVIL JURISDICTION
                              ORIGINAL SIDE
                           [Commercial Division]

                           AP-COM/52/2024
                WEST BENGAL MINERAL DEVELOPMENT AND
                    TRADING CORPORATION LIMITED
                                 VS
                       PUNALUR PAPER MILLS LTD

                                    WITH

                           AP-COM/40/2023
                        IA NO: GA-COM/1/2024
                WEST BENGAL MINERAL DEVELOPMENT AND
                    TRADING CORPORATION LIMITED
                                  VS
                      PUNALUR PAPER MILLS LTD

BEFORE:
THE HON'BLE JUSTICE SUGATO MAJUMDAR
Date: 3rd October, 2024.

                                                                     APPEARANCE:
                                                             Mr. Rajarshi Dutta,Adv.
                                                         Mr. Sarbajit Mukherjee,Adv.
                                                               Mr. Sanjay Saha,Adv.
                                                             Mr. Debojyoti Das, Adv.
                                                                 ...for the petitioner.

                                                Mr. Probal Kumar Mukherjee,Sr. Adv.
                                                       Mr. Souradipta Banerjee,Adv.
                                                        Mr. Asif Sohail Tarafdar,Adv.
                                                            Ms. Fatima Hassan,Adv.
                                                                  ...for the intervenor.

                                                      Mr. S. N. Mukhoorjee, Sr. Adv.
                                                          Mr. Jishnu Saha, Sr. Adv.
                                                                 Mr. Sakya Sen,Adv.
                                                           Mr. Shaunak Mitra,Adv. .
                                                     Mr.Subhrojyoti Mookherjee,Adv.
                                                              Mr. Ishaan Saha,Adv.
                                                              Mr. S.R.Kakrania,Adv.
                                                                ....for the defendant.


       The Court: AP-COM/52/2024 is filed praying for, inter alia, stay of the

arbitral award dated 7th July, 2023 as corrected by the award dated

23.08.2023 along with other prayers.
       Application under Section 34 of the Arbitral and Conciliation Act is

pending.

      The Learned Counsel appearing for judgment debtor being West Bengal

Mineral Development and Trading Corporation Limited submits that according

to their calculation, they are agreeable to deposit, without prejudice, a sum of

Rs. 31,000,0000/- as a condition precedent to passing the Order of the stay of

the award.

      Mr. Sen led by Mr. Saha, the Learned Senior Counsel submits that for

the time being they have no objection if the sum of Rs. 31,000,0000/- is

secured in the proper way.

      Let the award be stayed subject to the condition :

      a) The petitioner shall deposit 50% of Rs. 31,000,0000/- before the

           Learned Registrar Original Side; the Learned Registrar, in turn shall

           invest the said amount in any scheduled Bank. The said amount to be

           returned/refunded/paid/allowed to be withdrawn as and when

           directed.

      b) Rest 50% shall be furnished by way of bank guarantee of any

           scheduled Bank.

      The exercise shall be complete on or before the returnable date.

      Informal book shall be prepared by the respondent at the cost of the

petitioner. The same shall be complete on or before the returnable date.

Let the suit appear in the list on 5th December, 2024.

Learned Registrar Original Side shall furnish a report on deposit on the

returnable date.

GA-COM/1/2024 is filed by an intervenor. Affidavit-in-Opposition

against GA-COM/1/2024 shall be filed within three weeks after re-opening;

affidavit-in-reply shall be filed within one week thereafter.

GA-COM/1/2024 in AP-COM 40/2023 shall appear in the list on 6th

December, 2024.

(SUGATO MAJUMDAR, J.)

S. Akhtar ARCR