Disposed

Ruchi Soya Industries Ltd. (Applicant) v. the National Commodity and Anr.

Bombay HC10 Jun 2014NMW/116/2014

Case brief

AI extract

What is this about?

Disposal of a notice of motion regarding the invocation and investment of a bank guarantee. The High Court passed orders regulating the investment of funds by the Prothonotary & Senior Master and reserved the matter for hearing.

What did the court decide?

Direction for investment of bank guarantee proceeds in fixed deposits; notice of motion listed for hearing.

Ruchi Soya Industries Ltd. (Applicant) Vs the… — Writ and Judicial Review | Bombay HC (2014)

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nmw116.14

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Shiv

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

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NOTICE OF MOTION NO.116 OF 2014

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IN WRIT PETITION (L) NO.178 OF 2013

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Ruchi Soya Industries Ltd. … Petitioners. V/s. The National Commodity and Anr. ...Respondents

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Mr.Amrut M. Vernekar for the Petitioner and Applicant in Notice of Motion.

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Mr.Chirag Balsara alongwith Mr.Bhoomin Badani i/b M/s. K.Ashar & Co. for Respondent No.2.

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CORAM : S.J. VAZIFDAR & A.K. MENON, JJ. DATE : 10TH JUNE, 2014.

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P.C. :-

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This Motion is taken out in a disposed of Writ Petition. The Writ Petition was disposed vide order dated 28th January, 2013, to which one of us (S.J. Vazifdar, J.) was a party, in terms of consent minutes of order. The Petitioner was to furnish the bank guarantee which it did. Clause 7 stipulates that in the event of the Petitioner not obtaining any order in respect of the aforesaid bank guarantee within three weeks, the Prothonotary & Senior Master shall without reference to the court encash the same and pay over the proceeds thereof to Respondent No.2. The bank guarantee has not been extended.

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The Petitioner thereafter filed Suit (L) No.145 of 2013 in which it

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nmw116.14

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took out Notice of Motion No.413 of 2013. The Petitioner's application for ad-interim relief was not granted. By an order dated 25th February, 2013 the Notice of Motion was placed for hearing and was finally disposed on 25th March, 2013. In the circumstances, the Prothonotary & Senior Master was justified in invoking the bank guarantee. The same has been stayed by the ad-interim order passed by this court to which one of us (A.K. Menon, J.) was a party.

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The rights of the Petitioner, if any, are protected by making it clear that the amount received pursuant to the invocation of the guarantee shall be invested by the Prothonotary & Senior Master in fixed deposit of a nationalised bank initially for three months and thereafter for like period for three months each till further orders. It would be open to the learned Judge hearing the Notice of Motion to pass any order in respect thereof including for investment or return of money with liberty to furnish the bank guarantee. The Petitioner agreed and undertook not to apply for adjournment of the Notice of Motion. The Petitioner shall within one week make an application for hearing of the Notice of Motion. Needless to add that it is for the learned Judge to decide when to hear the Notice of Motion.

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(A.K. MENON, J. ) (S.J. VAZIFDAR, J.)

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Ruchi Soya Industries Ltd. (Applicant) v. the National Commodity and Anr.

Case brief

What is this about?

What did the court decide?

Ruchi Soya Industries Ltd. (Applicant) v. the National Commodity and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

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