Axis Bank Limited v. The Bombay Dyeing And Manufacturing Company
Kavita S.J.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION PETITION NO. 289 OF 2022 Axis Bank Limited ...
Petitioner
Versus
The Bombay Dying and Manufacturing Co. Ltd., ... Respondent WITH INTERIM APPLICATION NO. 3234 OF 2022 IN COMMERCIAL ARBITRATION PETITION NO. 289 OF 2022 -------- Ms. Priyanka Shetty a/w Ms. Cheryl Fernandes, Mr. Harshit Jaiswal and Ms. Mrudula Dixit i/b AZB & Partners, Advocates for Petitioner. Rutuja Patil, Jennifer Dadrewala, Yohaan Shah, Hasan Mishabber i/b Negandhi Shah & Himayatullah, Advocate for Respondent. Sandeep Podar, Authorized Signatory of the Petitioner present. Sanjive Arora, Authorized Signatory of the Respondent present. ---------- CORAM : R.I. CHAGLA, J.
DATED : 4TH SEPTEMBER, 2023.
KAVITA SUSHIL JADHAV ORDER :
by KAVITA SUSHIL JADHAV Date: 2023.09.05 18:19:30 +0530 1.
The Petitioner and the Respondent in the above Commercial 1/4
Arbitration Petition have arrived at a settlement. The Consent Terms bearing today's date, are tendered and taken on record and marked 'X' for identification. The Consent Terms have been signed by the Petitioner and Advocate for the Petitioner as well as by the Respondent and Advocate for the Respondent. Appended to the Consent Terms is the copy of the Arbitral Award dated 11th March, 2022. Further appended to the Consent Terms is the copy of the Award dated 22nd April, 2022 which is in respect of corrections in Arbitral Award dated 11th March, 2022. Further documents have been appended to the Consent Terms viz. the Deed of Conveyance entered into between the parties as well as Plans showing the division of the larger land and in relation to the Future Access Road and Handover Condition etc. 2.
I am satisfied that the Consent Terms are in order, not contrary to law and have been drawn by the parties of their own volition in reflection of their true intentions.
3.
The undertakings in the Consent Terms being accepted as undertakings to the Court.
4.
The Petitioner has agreed and undertaken to hand over to the 2/4
Respondent an aggregate amount of Rs.5,57,00,000/- being the settlement amount mentioned in Clause 7 of the Consent Terms as agreed between the parties under the said Original Agreement which is the subject matter of the said Award and payable by Petitioner as set out in the Consent Terms.
5.
The manner of payment of the settlement amount has been mentioned in Clause 15 of the Consent Terms. The other modes of settlement have also been provided in the Consent Terms. In addition to the settlement amount, the parties have agreed that the consideration towards sale and transfer of Petitioner's Plot of Access shall be Rs.149,00,00,000/- referred to as land consideration, which shall be paid in the matter contemplated in the Clause 16(iii) of the Consent Terms.
6.
The Commercial Arbitration Petition has been agreed by the parties to be disposed of in accordance with the Consent Terms. 7.
Accordingly, Commercial Arbitration Petition No.289 of 2022 is disposed of in accordance with the Consent Terms. 3/4
8.
In view of the disposal of the Commercial Arbitration Petition, the Interim Application No.3264 of 2022 does not survive and is accordingly disposed of.
9.
A soft copy of the Consent Terms will be uploaded as the second order in the matter.
10.
The Registry is to ensure that the hard copy of the signed Consent Terms is permanently retained on file as part of the record and is not sent for destruction in the ordinary course. 11.
Court fees are to be refunded in accordance with the Rules. For the purposes of Section 43 of the Maharashtra Court Fees Act and the proviso to that Section, today's date is the date of making a claim for repayment. The Prothonotary & Senior Master will issue a certificate for a refund of Court Fees computed according to the Rules. He will act on production of an authenticated copy of this order without requiring a separate application.
[R.I. CHAGLA, J.] 4/4