Corporation Ltd. vs . M/S Victory Oil Gram
2023 Latest Caselaw 5921 HP

Managing Director, H.P. State Civil Supplies Corporation Ltd. vs. M/s Victory Oil Gram

.

Udyog

CARBC No. 4 of 2022

16.05.2023 Present: Mr. K.D. Shreedhar, Senior Advocate, with Ms. Sneh Bhimta, Advocate, for the petitioner.

Mr. Atul Jhingan, Advocate, for the respondent.

Learned counsel for the respondent submits that

before the matter is heard finally, let the objector/petitioner

deposit the balance of the award amount, in terms of the award,

which has been assailed by way of the present proceedings.

Learned Senior Counsel appearing for the petitioner

submits that the petitioner be permitted to furnish the bank

guarantee for the balance amount.

Learned counsel for the respondent submits that in

the event of bank guarantee being furnished by the petitioner,

the same will not fetch any interest and this may be deterrent to

the interest of the petitioner.

This Court is of the considered view that depending

upon the outcome of the present proceedings, in case, the award

is upheld, then of course, the judgment debtor is liable to

honour the same in letter and spirit and if the petitioner is

permitted to furnish the bank guarantee for the balance award

amount, the same will not in any way defeat the right of the

respondent. Accordingly, as prayed for, let the petitioner furnish

bank guarantee for the balance amount within a period of six

weeks from today. It goes without saying that in the event of the

petition being decided in favour of the present respondent, the

respondent would of course be entitled to interest upon the

.

award amount as per the award.

List after six weeks.

(Ajay Mohan Goel) Judge

May 16, 2023

(Vinod)