Lalit Nirman Business Development Pvt. Ltd. Vs Pune Cantonment Bord

The Pune Cantonment Board has filed this appeal aggrieved by an order passed by the District Judge, rejecting its application moved under section 34 of the Arbitration Act of 1996. An award has been passed in favour of the respondent in the sum of Rs. 52,83,600/-. The present appeal has been admitted. While admtiting the appeal, this court directed the appellant to deposit the award amount and in compliance of the order the said amount has been deposited in this court. By the present

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application the respondent is seeking permission to withdraw the amount. In the facts of the present case, the prayer for withdrawn is sought to be substantiated by the learned counsel for the applicant/respondent by submitting that the applicant is ready and willing to furnish bank guarantee of a nationalised bank to cover the entire amount sought to be withdrawn. In view of the fact that the applicant/respondent is ready and willing to furnish bank guarantee of a nationalised bank, I allow the present application, permitting the applicant/respondent to withdraw the amount of Rs. 52,83,600/- subject to furnishing of bank guarantee from a nationalised bank, to the satisfaction of the Registrar (Judicial). It is made clear that the bank guarantee so furnished shall be kept alive till disposal of the appeal and for a period of two weeks thereafter. The application is accordingly disposed of.

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(A.P. DESHPANDE, J)

Lalit Nirman Business Development Pvt. Ltd. v. Pune Cantonment Bord

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Lalit Nirman Business Development Pvt. Ltd. v. Pune Cantonment Bord

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