Ascent Engineers And Infrastructure India Pvt. Ltd. v. Gammon India Limited (Cin L74999mh1922plc000997)
dik
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 352 OF 2014 Ascent Engineers & Infrastructure India Pvt. Ltd.
...Petitioner
vs Gammon India Ltd.
...Respondent.
.....
Mr S.V.Doijode a/w Ms Mrinalini Rajpal i/b Doijode Associates for the Petitioner Mr Gaurav Joshi, Sr. Advocate, Dr. Birendra Saraf and Shailesh Mendon a/w Ms Smruti Kanade i/b Negandhi, Shah & Himayatullah for the Respondent. .....
CORAM : S.C. GUPTE, J.
SEPTEMBER 29, 2015 P.C. :
The Petition is disposed of in terms of the following order, passed by consent of parties. Mr Balsara and Mr Prasad, who represent the Respondents, are present in the court and give instructions to the learned Counsel for the Respondent, whilst Mr S.S.Iyer, Managing Director of the Petitioner, instructs the learned Counsel for the Petitioner, to consent to these terms. (i) Gammon India Limited ("the Company") shall deposit with the Prothonotary & Senior Master of this Court a sum of Rs.1.15 Crores (Rs. One Crore Fifteen Lacs ) on or before 22 December 2015. Upon such deposit being made by the Company, the Prothonotary and Senior Master shall invest the same in a fixed deposit with a Nationalized Bank initially for a period of six months, to be renewed for a further period of six months at a time; (ii) All claims and disputes between the parties hereto are referred to the sole Arbitration of Mr Snehal Shah, Advocate; Pg 1 of 4
(iii) The arbitration costs shall be initially borne by the parties equally. Such costs shall abide by the final order on costs that may be passed by the Arbitrator;
(iv) All contentions of the parties are kept open, to be agitated before the Sole Arbitrator;
(v) If the Company deposits the sum in this Hon'ble Court as provided in Clause 1 above, there will be liberty to the Petitioner to make an application under Section 17 of the Arbitration and Conciliation Act, 1996, before the Sole Arbitrator for withdrawal of the said sum. Such application will be decided by the Arbitrator on its merits without being influenced by this order;
(vi) The learned Arbitrator shall endeavour to make an award in the proposed arbitration as expeditiously as possible; (vii) The amount deposited and accrued interest thereon shall be held by the Prothonotary to the credit of the arbitration reference and shall abide by the order of the Sole Arbitrator; (viii) If the amount in terms of Clause (i) above is not deposited by the Company, the above Petition shall stand revived and admitted without reference to this Court. The Petition shall in such event be advertised in two local newspapers, viz. "Free Press Journal" (in English) and "Nav-Shakti" (in Marathi), and also in Maharashtra Government Gazette with the returnable date after the expiry of 6 weeks after 22 December 2015. Any delay in publication of the advertisement in the Maharashtra Government Gazette, and any resultant inadequacy of the notice shall not invalidate such advertisement or notice and shall not constitute non-compliance with this direction or with the Companies (Court) Rules, 1959. The Petitioner shall in that case deposit an amount of Rs.10,000/- with Pg 2 of 4
the Prothonotary and Senior Master of this Court towards the publication charges, within a period of two weeks from 22 December 2015, with intimation to the Company Registrar. After the advertisements are issued, the balance, if any, shall be refunded to the Petitioners;
(ix) The Company Petition is disposed of accordingly. There shall be no order as to costs.
( S.C.GUPTE J. ) Pg 3 of 4
CERTIFICATE Certified to be true and correct copy of the original signed Judgment/ Order.
Pg 4 of 4