West Bengal Sugar Industries ... vs Punalur Paper Mills Ltd
2024 Latest Caselaw 3020 Cal/2

Calcutta High Court

West Bengal Sugar Industries ... vs Punalur Paper Mills Ltd on 26 September, 2024

Author: Sugato Majumdar

Bench: Sugato Majumdar

OCD-2,
4&5
                     IN THE HIGH COURT AT CALCUTTA
                      Ordinary Original Civil Jurisdiction
                               ORIGINAL SIDE
                            [Commercial Division]


                       AP-COM/37/2023
                    IA NO: GA-COM/1/2024
 WEST BENGAL SUGAR INDUSTRIES DEVELOPMENT CORPORATION LTD
                              VS
                  PUNALUR PAPER MILLS LTD

                             EC-COM/132/2024
                         Punalur Paper Mills Limited
                                      VS
         West Bengal Sugar Industries Development Corporation Limited

                     AP-COM/615/2024
WEST BENGAL SUGAR INDUSTRIES DEVELOPMENT CORP. LTD (BSIDCL)
                            VS
                 PUNALUR PAPER MILLS LTD


  BEFORE:
  The Hon'ble JUSTICE SUGATO MAJUMDAR
  Date : 26th September, 2024.

                                                                              Appearance:

                                                              Mr. Anirban Ray, Adv,Ld..G,P
                                                       Mr. Sirsanya Bandyopadhyay, Adv.
                                                                   Mr. Paritosh Sinha, Adv.
                                                                 Mr. Arindam Mandal, Adv.
                                                               Ms. Aishik Chakraborty,Adv.
                                ...for the W.B.Sugar Industries Dev. Corpn. Ltd./Petitioner

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

Mr. Probal Mukherjee,Adv.

Mr. Souradipta Banerjee,Adv.

Mr. Asif Sohail Tarafdar,Adv.

Ms. Fatima hssan,Adv.

...for intervenor in AP-COM 37/2023 & AP-COM40/2023

The Court:- AP-COM/37/2023 is filed under Section 34 of Arbitration

and Conciliation Act, 1996. GA-COM/1/2024 is filed by Mr. T.K.

Sundarasan, an authorized signatory of Punalur Paper Mills Limited praying

for intervention and other Orders.

So far as GA-COM/1/2024 is concerned, copies of the application be

served upon all the parties, if not served already.

Affidavit in opposition in GA-COM/1/2024 shall be filed within one

week after re-opening of Puja Vacation; affidavit in reply, if any, be filed

within one week thereafter.

So far as AP-COM/37/2023, an application under Section 34 of the

Arbitration and Conciliation Act, 1996 is concerned, informal paper books

may be prepared at the cost of the petitioner being West Bengal Sugar

Industries Development Corporation Limited and shall be filed within the

returnable date.

EC-COM/132/2024 is an application for execution of the Arbitral

Award dated 5th July, 2023 as corrected and clarified by the Orders dated 7th

July, 2023 and 23rd August, 2023 and AP-COM/615/2024 is an application

under Section 36(2) of the Arbitration and Conciliation Act, 1996 praying for

stay of operation of the Arbitral Award dated 5th July, 2023 as corrected and

clarified by the Order dated 23rd August, 2023.

Mr. Ray, learned Counsel appearing for petitioner submits that there is

no serious dispute regarding quantum of money. The principal amount being

Rs. 1,70,68,318/- along with interest stands at Rs.6,02,45,993/- as on 26th

September, 2024.

In view of pendency of application under Section 34 of the Arbitration

and Conciliation Act, 1996, the Award should be stayed subject to condition

that 50% of the Awarded amount being 50% of Rs.6,02,45,993/- shall be

deposited in cash to the Learned Registrar, Original Side; the rest of the

amount shall be secured by way of Bank Guarantee executed by the

judgment debtor.

The Learned Registrar shall invest the amount deposited in a

nationalized bank which can fetch interest till further Order and submit a

report to this Court on the same.

Accordingly, EC-COM/132/2024 stands stayed till further Order.

The matter will appear in the list on 17th December, 2024 for further

Order.

(SUGATO MAJUMDAR, J.) D.Ghosh AR(CR)