Allowed

M/S Siddhi Ferrous v. M/S Uppal Builders

Delhi HC21 Feb 2024FAO(OS) (COMM)/277/2022

Case brief

AI extract

What is this about?

The High Court of Delhi allowed the commercial matter appeal, endorsing the arbitration award. The appellant was directed to pay the principal sum with interest and costs to the respondent by the stipulated deadline.

What did the court decide?

Payment of Rs. 23,75,565/- with 7% simple interest from 02.08.2011, costs of Rs. 1,00,000/-, due by 30.04.2024, with prior receipt of Rs. 10,00,000/- adjusted from interest.

M/S Siddhi Ferrous Vs M/S Uppal Builders — Delhi HC (2024) — LawSathi Research

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$~55

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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% Decision delivered on: 21.02.2024

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- FAO(OS) (COMM) 277/2022, CM Nos.41611-14/2022 & 51791/2022

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M/S SIDDHI FERROUS ..... Appellant Through: Mr Akshay Garish Ringe, Mr Ankit Shah, Mr Tarun Arora and Mr Siddhant Singh, Advs.

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versus

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M/S UPPAL BUILDERS ..... Respondent Through: Mr Kartik Rai, Adv. along with Mr Balwinder Pal Singh Uppal, Director of respondent.

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CORAM:

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HON'BLE MR. JUSTICE RAJIV SHAKDHER HON'BLE MR. JUSTICE AMIT BANSAL [Physical Hearing/Hybrid Hearing (as per request)]

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RAJIV SHAKDHER, J. (ORAL):

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CM Nos.41611/2022 & 41613/2022

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1. Allowed, subject to just exceptions. FAO(OS) (COMM) 277/2022, CM Nos.41612/2022, 41614/2022 & 51791/2022

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This appeal is preferred against the judgment dated 12.05.2022 passed by the learned Single Judge in OMP(COMM) No. 357/2020.

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The learned Single Judge, via the impugned judgment, has sustained the award dated 17.04.2014 passed by the learned Arbitrator. The net effect of the order passed by the learned Single Judge is that the sum awarded by

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Signature Not Verified

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FAO(OS)(COMM)No.277/2022 Page 1 of 2

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Digitally Signed By:ATUL JAIN Signing Date: 02.0 3.2024 13:06:50

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the learned Arbitrator along with interest would have to be paid by the appellant.

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We have heard learned counsel for the parties, briefly. Learned counsel for the parties are in agreement that the appeal can be disposed of on the following terms:

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(i) The principal sum amounting to Rs. 23,75,565/- will be paid along with simple interest at the rate of 7% per annum, commencing from 02.08.2011 till the date of payment.

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(ii) In addition, thereto, costs of Rs. 1,00,000/- will be paid by the appellant to the respondent.

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(iii) The aforementioned amounts will be paid by the appellant to the respondent on or before 30.04.2024.

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(iv) Against the amounts mentioned in Clause (i) above, Rs. 10,00,000/which has already been received, will stand adjusted in the first instance, against the interest and thereafter, against the principal amount.

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It is ordered accordingly. The appeal is disposed of in the aforesaid terms. Consequently, pending applications shall stand closed.

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The parties will act based on the digitally signed copy of the order.

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RAJIV SHAKDHER, J

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AMIT BANSAL, J

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FEBRUARY 21, 2024 aj

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Signature Not Verified

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FAO(OS)(COMM)No.277/2022 Page 2 of 2

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Digitally Signed By:ATUL JAIN

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Signing Date: 02.0 3.2024 13:06:50

M/S Siddhi Ferrous v. M/S Uppal Builders

Case brief

What is this about?

What did the court decide?

M/S Siddhi Ferrous v. M/S Uppal Builders

Case brief

What is this about?

What did the court decide?

What the court decided

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