Telangana High Court
Nmdc Limited A Govt. Of India ... vs M/S. Abhiram Infra Projects Pvt ... on 18 November, 2021
Bench: Ujjal Bhuyan, Chillakur Sumalatha
THE HON'BLE SRI JUSTICE UJJAL BHUYAN
AND
THE HON'BLE DR. JUSTICE CHILLAKUR SUMALATHA
COMCA.NO.5 OF 2020
O R D E R (Per the Hon'ble Sri Justice Ujjal Bhuyan)
Heard Mr.K.Raghavacharyulu, learned counsel for the appellant
and Mr. P.Soma Sekhar Naidu, learned counsel for respondent No.1.
2. On 19.03.2021 we had passed the following order:
"COMCA.No.5 of 2020
The appellant is aggrieved by the judgment dated 11.09.2019 passed by the
learned Judge, Commercial Court - cum - XXIV Additional Chief Judge, City Civil Court,
Hyderabad, whereunder the Award dated 19.02.2018 passed by the Arbitral Tribunal in
favour of the respondents has been upheld and the counter claims filed by the appellant
have been rejected.
2. Learned counsel for the appellant states that the limited grievance raised in
the present appeal is in respect of the directions issued for refund of the bank guarantee
amount of Rs.2.28 crores en-cashed by the appellant towards liquidated damages.
3. Limited to the aforesaid aspect of forfeiture of the bank guarantee amount,
issue notice.
4. Learned counsel for the respondents accepts notice.
5. Learned counsel for the respondents states that pursuant to the impugned
judgment dated 11.09.2019, the respondents have filed an execution petition which is
coming up on 22.03.2021. Learned counsel states that the appellant be called upon to
deposit the decretal amount with interest in the Registry.
6. List on 27.08.2021.
I.A.NO.1 OF 2020
Issue notice.
2. Learned counsel for the respondents accepts notice.
3. Subject to the appellant depositing the entire decretal amount with up to date
interest in the Registry within four weeks from today, the execution proceedings shall
remain stayed. Immediately, upon the said amount being deposited, the same shall be
placed in an FDR, initially for a period of six months, to be renewed thereafter from time
to time till further orders."
3. As per the calculation memo dated 16.04.2021 submitted by
Mr. K.Raghava Charyulu, advocate for the appellant, the following amount
was deposited with the Registrar (Administration) of this court, the break
of which is as under:
i) The amount awarded by the
Arbitrator as per the Award dated
19.02.2018: -- Rs.2,84,64,774/-
ii) Interest on the award amount for
for the period from 15.07.2017 to
16.04.2021 (1372) @ 9% per
Annum - Rs. 90,29,672/-
iii) Total amount to be deposited (i+ii) - Rs.3,80,94,446/-
4. The above amount was received by the Registrar
(Administration), by way of demand draft bearing No.809932 dated
15.04.2021 for Rs.3,80,94,446/- (Rupees three crores, eighty lakhs, ninety
four thousand, four hundred and forty six only) drawn in favour of
Registrar (Administration), High Court of Telangana.
5. We had heard learned counsel for the parties at length, where-
after we found that there was still scope for amicable settlement between
the parties. Accordingly, we granted time to the learned counsel for the
parties to talk to their respective clients and thereafter to settle the matter,
if possible.
6. On the matter being called upon again, both learned counsel for
the appellant and respondent No.1 submitted on the basis of instructions,
that an amount of Rs.30,00,000/- (Rupees thirty lakhs only) out of the
amount deposited by the appellant with the Registrar (Administration) of
this court be returned back to the appellant, and the remaining amount of
Rs.3,50,94,446/- (Rupees three croes, fifty lakhs, ninety four thousand,
four hundred and forty six only) with interest accrued thereon from the
date of deposit till the date of payment to the respondent No.1, be
released to respondent No.1.
7. This settlement has been arrived at because of the proposal of
respondent No.1 for reduction of interest from 9% to 6%, which has been
accepted by the appellant.
8. This is how the figure of Rs.30,00,000/- (Rupees thirty lakhs
only) has been arrived at.
9. We record our appreciation for the efforts put in by learned
counsel for both the sides for amicably settling the matter.
10. Registrar (Administration), High Court of Telangana, is directed
to release the aforesaid amount expeditiously.
11. The appeal is disposed of on settlement terms as indicated
above.
12. Interlocutory applications pending, if any, shall stand closed.
No order as to costs.
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UJJAL BHUYAN,J
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DR. CHILLAKUR SUMALATHA,J
DATE:18--11--2021
AVS
