Tamil Nadu Civil Supplies Corporation v. M/S A1 Champdany Industries Limited
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 16.12.2024 CORAM :
THE HON'BLE MR.K.R.SHRIRAM, CHIEF JUSTICE AND THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY O.S.A.(CAD) No.102 of 2021 and C.M.P.No.17724 of 2021 Tamil Nadu Civil Supplies Corporation, rep. by its Managing Director, No.12, ThambuSamy Road, Kilpauk, Chennai-600 010.
.. Appellant Vs 1.M/s. A1 Champdany Industries Limited, No.25, Princep Street, Kolkatta-700 072.
2.T.Vijayalakshmi No.13, 3rd Street, Malangandapuram, Pallavaram, Chennai-600 043.
.. Respondents
Prayer : Appeal under Section 13(1) of the Commercial Courts Act read with Section 37 of the Arbitration and Conciliation Act, 1996 read with Clause 15 of the Letters Patent to set aside the decree and judgment dated 21.2.2019 in O.P.No.730 of 2015 and allow the Original Side Appeal. For Appellant : Mr.M.K.Kabir Senior Counsel for Mr.K.Raghuraman For Respondents : Mr.S.Raghunathan for M/s.B.Giridhar Rao : Mr.A.Annadurai Managing Director Tamil Nadu Civil Supplies Corporation [Present in Court]
JUDGMENT
(Delivered by the Hon'ble Chief Justice) Further to the orders passed by this Court, the last one being on 9th
December, 2024, the parties have amicably settled the matter. Appellant has agreed to pay, in full and final settlement of all claims of respondent No.1, a sum of Rs.65.00 lakhs, which respondent No.1 has agreed to accept.
2. Shri Kabir states that, by an order dated 2nd September, 2023, the XXV Assistant City Civil Court, Chennai in Execution Petition No.1371 of 2020, prohibited the withdrawal of the amount of Rs.65,00,624/- from the Account No.10242276559 lying in the State Bank of India, Meenambakkam Branch to the credit of appellant. Shri Kabir states the said amount can be paid over to respondent No.1 in full and final settlement by rounding off to Rs.65.00 lakhs. The certified true copy of the resolution dated 12 th December, 2024 and the consent of the Managing Director also dated 12 th December, 2024, are taken on record and marked as "X" and X-1", respectively. The same are also scanned and reproduced for ease of reference:
3. Accordingly, we noted the settlement between the parties. The State Bank of India, Meenambakkam Branch, is directed to release the amount of Rs.65,00,000/- (Rupees Sixty Five Lakhs only) out of Rs.65,00,624/-, being frozen pursuant to the order dated 2nd September, 2023, to the credit of the following account number of respondent No.1:
Beneficiary's Name:
A1 Champdany Industries Ltd Account No.
:
60120668677 Bank Name :
Bank of Maharashtra N S Road Branch Kolkata-700 001 IFSC Code :
MAHB0000455 The balance amount of Rs.624/- be released to appellant. The amount shall be released within one working day of receiving a copy of this order from advocate for respondent No.1. The bank shall act on the copy of this order authenticated as true copy by the Court Master of this Court.
4. Shri Ragunathan says once the amount is received by respondent No.1, the award be noted as satisfied.
5. Appeal is, accordingly, disposed of. There shall be no order as to costs. Consequently, interim application stands closed. . (K.R.SHRIRAM, C.J.) (SENTHILKUMAR RAMAMOORTHY,J.) 16.12.2024 Index :
Yes/No NC :
Yes/No bbr
To The Sub-Assistant Registrar (OS) High Court, Madras.
THE HON'BLE CHIEF JUSTICE AND SENTHILKUMAR RAMAMOORTHY,J.
bbr O.S.A.(CAD) No.102 of 2021 16.12.2024