Dismissed

Patdi Commercial and Investments Ltd. and Ors. v. Standard Industries Ltd.

Bombay HC23 Mar 2005APP/329/2005

Case brief

AI extract

What is this about?

The court approved an interim arrangement where appellants furnish a Rs 10 croren bank guarantee or construct 200 shops to secure the release of property under dispute in an arbitration proceeding.

What did the court decide?

Interim arrangement approved: Appellants to furnish a bank guarantee of Rs 10 crores or construct 200 shops in Radhakrishna Textile Market, Surat, to secure release of possession pending arbitration d

Patdi Commercial and Investments Ltd. and Ors. Vs Standard… — Arbitration | Bombay HC (2005)

¶1

 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
 ORDINARY ORIGINAL CIVIL JURISDICTION

¶2

 Appeal Lodging No l66 of 2005
 in
 Arbitration Petition no.99 of 2005

¶3

 Patdi Commercial & Investments
 Limited and ors ..Appellants
 vs
 Standard Industries Limited ..Respondents

¶4

 Mr. Pravin Samdani with B M Manjuksa i/b Akshar
 Laws for appellants

¶5

 Mr.Aspi Chinoy Sr Counsel with D J Khambatta and
 Cooper i/b Desai Diwanji for respondents

¶6

CORAM: A.P.SHAH & S.J.VAZIFDAR JJ.
 Dated 23.3.2005

¶7

 P.C:

¶8

 . We have heard learned counsel for the parties at
 some length. Ultimately the parties agreed to
 following interim arrangement pending the hearing
 and final disposal of the arbitration petition.

¶9

 i) Court Receiver shall take possession of

¶10

 l75 shops being 83 shops already placed in
 possession of the respondents and 92 shops
 listed in list filed by the appellants in
 court and marked "X" for identification.

¶11

 ii) The appellants state that they are ready
 and willing to furnish bank guarantee for a
 sum of Rs.l0 crores of a nationalised bank

¶12

 within a period of eight weeks from today in
 favour of the Prothonotary and Senior Master
 of this court. The bank guarantee shall be
 kept alive till the petition is disposed of
 and for a further period of 4 weeks
 thereafter.

¶13

 iii) In the event of the appellants
 constructing and providing 200 shops in
 Radhakrishna Textile Market, Surat and they
 complete the same in all respect and obtain
 certificate of M/s Nadkarni and Co,
 Architect to the aforesaid effect and file
 an undertaking in this court that these 200
 shops are in their absolute possession and
 same are free from encumbrances and charges
 whatsoever and further that, these shops
 will be held by the appellants in their
 absolute possession and no third party
 right, charge or any encumbrances of any
 nature whatsoever will be created thereon
 till after expiry of four months of the
 making of the arbitral award by the Arbitral
 Tribunal, in such event the learned single
 Judge will consider the prayer of the
 appellants for release of the bank guarantee
 and pass appropriate orders regarding the

¶14

 said shops. Till the bank guarantee is
 furnished the order of this court dated

¶15

 24.2.2005 to continue.

¶16

 iv) In the event of failure of the
 appellants to furnish bank guarantee, the
 order of the learned single Judge shall
 become operative and Receiver shall take
 possession of the remaining shop as per the

¶17

 order of the learned single Judge.

¶18

 Appeal stands disposed of.

Patdi Commercial and Investments Ltd. and Ors. v. Standard Industries Ltd.

Case brief

What is this about?

What did the court decide?

Patdi Commercial and Investments Ltd. and Ors. v. Standard Industries Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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