Disposed

sahara india commercial corporation Ltd. v. futura designs and concepts Pvt. Ltd.

Bombay HC13 Jan 2006NMA/31/2006

Case brief

AI extract

What is this about?

Single judge order staying execution of an arbitral award modified by an impugned order, subject to deposit of Rs. 1 crore with the Prothonotary and Senior Master within two weeks. Provides terms for withdrawal of deposit and clarifies consequences of non-compliance.

What did the court decide?

Stay on execution of modified arbitral award conditional on deposit of Rs. 1 crore; respondent permitted to withdraw deposit upon furnishing solvent surety or adequate security.

sahara india commercial corporation Ltd. Vs futura designs and… — Arbitration | Bombay HC (2006)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J.

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NOTICE OF MOTION NO.31 OF 2006 IN

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APPEAL NO.9 OF 2006 IN

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ARBITRATION PETITION NO.130 OF 2005

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Sahara India Commercial Corporation Ltd. .. Appellant

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v/s.

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Futura Designs And Concepts Private Limited .. Respondent

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Mr.Arif Bookwala with Mr.Ketan Parikh, Mr.Satyan Vora and Ms.Kamini Verma i/by M/s.Markand Gandhi & Co.for the appellant.

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Mr.Suresh Gupte with Mr.C.S.Balsara i/by Mr.V.L.Panjwani for the respondent.

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CORAM : R.M.LODHA AND ANOOP V. MOHTA, JJ. DATED : 13th January, 2006

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P.C.

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Heard.

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2. Su	bject	to the	appe	llant’s	depos	iting	a s	um of
Rs.1,00,00,000/-		(Rupees	One		cro	re)	with	the
Prothonotary		& Seni	or M	aster	of	this	court	within
two	weeks	from	today,	the	exec	ution	and	operation
of the	award	dated	23rd	Decem	ber,	2004	as	modified
by the		impugned	order	dated	23rd	Nov	ember,	2005

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shall remain stayed and the attachment shall stand

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raised.

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In case the amount of Rs.1,00,00,000/is not deposited within the aforesaid time, it is clarified that there will be no stay to the execution and operation of the award dated 23rd

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December, 2004 as modified by the impugned order

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dated 23rd November, 2005.

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4.	The	respondent shall be	at liberty to	withdraw
the	amount	so deposited by	the appellant	on
furnishing	the	solvent surety	or adequate	security
to	the	satisfaction of the	Prothonotary &	Senior
Master	and	also an undertaking	that in the	event
of	the	appeal being allowed	or modified,	the
respondent		shall restitute	the amount	with

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interest as may be directed in the final judgment.

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5.	In	case	the		solvent	surety	or	adequate
security		is	not	furnished	by	the res	pondent	for
withdrawal		of	the	amount	within	four	weeks	from
the	date	of	inti	mation	of	such	deposit,	the
Prothonotary		&	Senior	Master	shall	invest	the	said
amount		in	the	fixed	deposit	of any		nationalised
bank		initially	for	a	period	of	two	years,

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returnable thereafter for the same period each

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time until disposal of the appeal.

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(R.M. LODHA, J.)

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(ANOOP V. MOHTA, J.)

sahara india commercial corporation Ltd. v. futura designs and concepts Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

sahara india commercial corporation Ltd. v. futura designs and concepts Pvt. 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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