Allowed

M/S. Ispat Industries Ltd. v. Baby Samuel and Co.

Bombay HC7 Oct 2009NMA/1105/2009

Case brief

AI extract

What is this about?

The court stayed the interim award on condition of depositing the amount with interest and furnishing bank guarantee. Pending issues were kept open, clarifying the interim award does not finally decide disputes and the tribunal is not influenced by the single judge's observations. Proceedings were expedited.

What did the court decide?

Notice of motion disposed of; interim award stayed on conditions of deposit and bank guarantee; proceedings expedited.

M/S. Ispat Industries Ltd. Vs Baby Samuel and Co. — Specific Performance | Bombay HC (2009)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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ORDINARY ORIGINAL CIVIL JURISDICTION

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NOTICE OF MOTION NO. 1105 OF 2009

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APPEAL NO. 112 OF 2009

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ARBITRATION PETITION NO. 407 OF 2006

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M/s. Ispat Industries Ltd. .. Appellants.

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Vs.

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Baby Samuel & Co. .. Respondents

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Mr. J.A. Dwarkadas, Sr. Adv., with Rahul Narichania, S.K. Srivastav

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& Ms. Manorama Mohanty i/by S.K. Rrivastav & Co. for the appellants.

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Mr. Guru Krishna Kumar a/w Ruchir Tolat i/by M/s. L.C. Tolat

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& Co. for Respondents.

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CORAM : J. N. PATEL &

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SMT. R.P. SONDURBALDOTA, JJ

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DATE : 7TH OCTOBER, 2009

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P.C. :

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The interim award is stayed on the condition that the appellant shall deposit the entire amount quantified in the interim award within a period of two weeks and the respondent would be permitted to withdraw the principal amount on furnishing bank guarantee of a nationalised bank. The Prothonotary and Senior Master to invest the interest amount in any nationalised bank initially in a term deposit of 13 months to be renewed from time to time until further orders.

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We make it clear that in so far as the arbitration proceedings are concerned, the same is expedited. This Court will highly appreciate if the same is concluded within a period of six months. In case the respondents are not able to furnish the bank guarantee within four weeks of deposit of the amount, the Prothonotary and Senior Master will invest it in any nationalised bank initially in a term deposit of 13 months to be renewed from time to time until further orders.

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We make it clear that all contentious issues before the

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Arbitral Tribunal are kept open and the passing of the interim award would not act as an impediment to the parties so as to construe

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that the interim award finally decides the issues between the parties including the counter claim made by the appellants and the Arbitral

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Tribunal will not be influenced by the observations made by the learned Single Judge. The notice of motion stands disposed of

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accordingly. No order as to costs.

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( J. N. PATEL, J)

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(SMT. R.P. SONDURBALDOTA, J.)

M/S. Ispat Industries Ltd. v. Baby Samuel and Co.

Case brief

What is this about?

What did the court decide?

M/S. Ispat Industries Ltd. v. Baby Samuel and Co.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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