Indian Oil Corporation Limited v. Deka Consultancy And Agency Services

IN THE HIGH COURT AT CALCUTTA

CIVIL APPELLATE JURISDICTION (COMMERCIAL DIVISION) 7.5.2024 F.M.A. 250 of 2023 Indian Oil Corporation Limited Vs.

Deka Consultancy and Agency Services Mr. Amit Kumar Nag ... For the Applicant. Re: CAN 5 of 2024 An affidavit of service is on record.

None appears for the respondent.

The following submission is made before us by Mr. Amit Kumar Nag, learned advocate for the appellant/applicant:- By our order dated 25th July, 2023 the respondent award holder was permitted to withdraw upto Rs.1,00,000,00/- crore from Rs. 2,62,74,961/- deposited by the applicant award debtor with the Registrar General of this court upon furnishing a bank guarantee of the same amount.

On 25th January, 2024, the arbitral proceedings which included the appeal before us were disposed of by our bench recording a terms of settlement between the S.D.

parties to the effect that the parties had settled the outstandings of the applicant at Rs. 1,98,12,971.90/-. If the same amount was released by the Registrar General of this court from the above deposit and received by the

award holder all proceedings would stand terminated upon satisfaction of their claim.

It is also submitted that the entire amount of Rs.1,98,12,971.90 has been withdrawn by the respondent award holder.

Accordingly, in the above circumstances, the applicant award debtor Indian Oil Corporation Limited is permitted to receive the balance amount of Rs.

64,61,989.10 (Rs.2,62,74,961/- - Rs.1,98,12,971.90/-) together with accrued interest from the Registrar General of this court.

The Registrar General is directed to comply with this order by 22nd May, 2024 and furnish a short statement of accounts to the parties.

Consequentially, the bank guarantee furnished by the respondent award holder may stand discharged/cancelled, if not already cancelled. The application (CAN 5 of 2024) is disposed of. (I.P. Mukerji, J.) (Biswaroop Chowdhury, J.)