Ihi Corporation v. Savair Energy Limited (Cin -U63011mh2001plc130547)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.621 OF 2014 IHI Corporation )....Petitioner V/s.

Savair Energy Ltd.

)....Respondent ---- Mr.Himanshu Vidhani I/by Khaitan and Co. for petitioner. None for respondent.

---- CORAM : K.R.SHRIRAM,J DATE : 3.8.2018 P.C.:- 1.

Mr.Vidhani for petitioner states that the respondentcompany has complied with the directions given in paragraph-6 of the order dated 19.9.2016 in Appeal No.302 of 2016 and therefore, petition can be dismissed. Paragraph-6 reads as under :- "6. Accordingly, it is held that in case the appellants furnish bank guarantee of a nationalised bank in a sum of Rs.4.5 crores within six weeks from today, instead of depositing the said sum of Rs.4.5 crores in terms of the impugned order dated 6 October 2015, the company petition instituted by the respondents shall stand dismissed. The amount of Rs.2.5 crores, which is already deposited by the appellants as well as the fate of the bank guarantee, shall abide by the result of the arbitration proceedings by Indian Merchants Chamber, between the parties. The amount of Rs.2.5 crores which is deposited in this court, shall be invested in appropriate interest bearing instrument with the nationalised bank. So also, the KJ

2/2 12.CP621.14.doc appellants shall keep alive the bank guarantee, until appropriate orders are made in the arbitration proceedings with regard to the same."

Therefore, petition dismissed.

Digitally signed by Jahagirdar Kiran Ganesh Date:

2018.08.07 12:24:33 +0530 (K.R.SHRIRAM,J) Jahagirdar Kiran Ganesh KJ