Nahar Builders Ltd. v. Housing Development And Infrastructure Limited

13-IA1-19.DOC Arun

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION INTERIM APPLICATION NO. 1 OF 2019 IN COMM ARBITRATION PETITON NO. 74 OF 2017 Nahar Builders Ltd ...Applicant/ Petitioner

Versus

Housing Development and Infrastructure Limited

...Respondent

Mr Mustafa Doctor, Senior Advocate, with Ms Sonam Mhatre and Ms Radhika Nair, i/b Dhaval Vussonji & Associates, for the Applicant/Petitioner.

Mr Aditya Azgaonkar, with Mr P Singh, i/b GP and Associates, for HDIL.

CORAM:

G.S. PATEL, J.

DATED:

27th November 2019 PC:- 1.

Mr Doctor tenders a draft amendment. This is taken on record and marked 'X' for identification with today's date. Leave to amend without need of reverification in terms of the draft tendered. 27th November 2019

13-IA1-19.DOC 2.

The respondent is facing proceedings under the Insolvency and Bankruptcy Code. An Interim Resolution Professional has been appointed. He is represented in court today.

3.

Pending an arbitration the respondent was required to deposit an amount of Rs.8 crores with this Court. That amount has been deposited and invested.

4.

The application is for leave to withdraw the amount deposited, since the arbitral award dated 13th August 2019 is entirely in favour of the applicant/petitioner. The amount awarded is in excess of the amount deposited. The statutory period under Section 34 has expired without any challenge being filed by the respondent. The maximum possible enlargement of time has not yet passed.

5.

The learned advocate for the Interim Resolution Professional seeks time to take instructions.

6.

List the matter on 4th December 2019.

7.

No affidavits without leave of the Court.

(G. S. PATEL, J) 27th November 2019