Disposed

Kee Pharma Ltd. v. Cbz Chemicals Ltd.

Delhi HC6 Nov 2017CO.APP./12/2017

Case brief

AI extract

What is this about?

This order records the appellant's statement to deposit a sum of INR 3,50,000 to conclude the matter or initiate arbitration. The court granted a limited timeline for deposit and disposed of the appeal without adjudicating the merits, leaving the fund's future use to be decided post-deposit or arbitration initiation.

What did the court decide?

The appellant directed to deposit INR 3,50,000 with interest within three months; appeal disposed pending compliance.

Kee Pharma Ltd. Vs Cbz Chemicals Ltd. — Company and Corporate | Delhi HC (2017)

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$~02

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- CO.APP. 12/2017

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KEE PHARMA LTD. ..... Appellant Through Mr. Anil K. Kher, Senior Advocate with Ms. Harsha, Advocate.

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versus

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CBZ CHEMICALS LTD. ..... Respondent Through Mr. Ashish Dholakia and Ms. Gayathri Nagendra, Advocates.

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CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MS. JUSTICE PRATHIBA M. SINGH

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O R D E R % 06.11.2017

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We had heard the counsel for the parties at some length and thereafter, the learned senior counsel appearing for the appellant had prayed for some time to obtain instructions.

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On the matter being called out after recess on the second occasion, learned senior counsel has stated that the appellant would deposit $3,50,000, along with interest @ 8% per annum with effect from 26^th May, 2012, when the statutory notice was served. The deposit would be made in Indian Rupees, with the conversion rate applicable as on 26^th May, 2012.

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He submits that in case deposit is not made within three months, the appellant would suffer consequences in terms of the directions given in paragraphs 20 to 22 of the order dated 15^th September, 2017.

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We take the statement on record and clarify that no further extension

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of time would be granted and in case of non-compliance, directions given in paragraphs 20 to 22 would come into effect immediately.

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The aforesaid deposit would be made with the Registrar General of this Court and on the deposit being made, it would be converted into an FDR for a period of six months. The appellant and respondent have agreed that the respondent would be entitled to withdraw the said amount on furnishing security to the satisfaction of the Registrar General.

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We have passed the aforesaid order as counsel for the appellant has stated that they would be invoking the arbitration clause in terms of the agreement dated 18^th May, 2009. We would also record that the counsel for the respondent has submitted that as there is no dispute, arbitration is not required. On this aspect, we do not make any comment either in favour of the appellant or the respondent. The security would lapse if arbitration proceedings are not initiated, and if initiated would be taken into consideration by the Arbitrator.

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We clarify that that the deposit to be made and the statement made by the counsel for the appellant as also the counsel for the respondent are without prejudice to their rights and contentions.

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The appeal is disposed of.

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SANJIV KHANNA, J.

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PRATHIBA M. SINGH, J.

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NOVEMBER 06, 2017 NA/VKR

Kee Pharma Ltd. v. Cbz Chemicals Ltd.

Case brief

What is this about?

What did the court decide?

Kee Pharma Ltd. v. Cbz Chemicals Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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