Disposed

M/S.K.S. and Co., v. M/s.Rail Vikas Nigam Limited

Madras HC25 Nov 2024CMP/8499/2024

Case brief

AI extract

What is this about?

Application by the respondent in an arbitration appeal seeking withdrawal of the deposited award amount. The court allowed withdrawal of Rs.3,35,60,594 subject to furnishing a bank guarantee from a nationalised or scheduled bank in favour of the Registrar General, renewable annually and kept alive 60 days after disposal of the appeal.

What did the court decide?

Withdrawal of Rs.3,35,60,594 permitted on furnishing bank guarantee with 12% interest in favour of Registrar General.

M/S.K.S. and Co., Vs M/s.Rail Vikas Nigam Limited — Arbitration | Madras HC (2024)

¶1

C.M.P.No.8499 of 2024 in OSA (CAD) No.60 of 2023

¶2

C.M.P.No.8499 of 2024 in OSA (CAD) No.60 of 2023

¶3

THE HON'BLE CHIEF JUSTICE

¶4

AND SENTHILKUMAR RAMAMOORTHY, J.

¶5

(Order of the Court was made by the Hon'ble Chief Justice)

¶6

By this application, applicant, who is respondent in the appeal, is seeking to withdraw a sum of Rs.2,81,16,087/- that was ordered to be deposited by order dated 01.08.2023.

¶7

By the said order, the appellant was directed to deposit the entire amount under the award.

¶8

We are informed that appellant has deposited Rs.2,81,16,087/-, which is the principal amount, but has not deposited a sum of Rs.54,44,506.90, rounded off to Rs.54,44,507/- towards interest. Learned Advocate-General states that this amount shall be deposited within two weeks from today.

¶9

_________ Page 1 of 3_

¶10

https://www.mhc.tn.gov.in/judis

¶11

C.M.P.No.8499 of 2024 in OSA (CAD) No.60 of 2023

¶12

Counsel for respondent, therefore, requests that the entire amount of Rs.3,35,60,594/- be withdrawn upon furnishing bank guarantee for the entire amount.

¶13

The Court is agreeable to the suggestion made by counsel, but with a rider that the bank guarantee shall be issued either by a nationalised bank or scheduled bank undertaking to pay Rs.3,35,60,594/- together with 12% interest. The bank guarantee shall be in favour of the Registrar General of this Court in the format approved by the Assistant Registrar (Original Side). The bank guarantee be issued initially for a period of one year, to be renewed every year and shall be kept alive for a period of 60 days after the disposal of the appeal, unless ordered otherwise.

¶14

The application stands disposed of.

¶15

(K.R.SHRIRAM, C.J.) (SENTHILKUMAR RAMAMOORTHY, J.)

¶16

25.11.2024

¶17

kpl

¶18

_________ Page 2 of 3_

¶19

https://www.mhc.tn.gov.in/judis

¶20

C.M.P.No.8499 of 2024 in OSA (CAD) No.60 of 2023

¶21

THE HON'BLE CHIEF JUSTICE AND SENTHILKUMAR RAMAMOORTHY,J.

¶22

(kpl)

¶23

C.M.P.No.8499 of 2024 in OSA (CAD) No.60 of 2023

¶24

25.11.2024

¶25

_________ Page 3 of 3_

¶26

https://www.mhc.tn.gov.in/judis

M/S.K.S. and Co., v. M/s.Rail Vikas Nigam Limited

Case brief

What is this about?

What did the court decide?

M/S.K.S. and Co., v. M/s.Rail Vikas Nigam Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Coram

Case details

Similar cases

R.Thamaraiselvan Vs Government of India

T.T.Ravichandran, Vs the Government of Tamil Nadu

V.Ravi Narayanan Vs The State of Tamil Nadu

N.M.Karunanithi Vs the Secretary to Government of Tamil Nadu

M/S. Flipkart Vs Equitas Small Finance Bank Ltd.

Aarur Tamilnadan Vs S.Shankar