Full Text
$-14 & ls
* lN T'IIll FIIGII COURT Ol'- Dl'll,Ill AT' NllW Dl'lLlII o.M.P. t202120r2
I{IILIANCIj CAPITAL L I'l)
'l'hrough: Ms l)riya
Som Nath Pandcy. ..... Pctitioner l)arshini Anrra. Adv. with Mr n.R.
VCTSUS
C & C CONS'lltlJC'l'ION L l'1) & OltS ..... Itespondcnts
'I'hrough: Mr lta.jiv Nayar, Sr. Adv. with Mr
Shishir Sharma. Mr Abinav Mukerji. Ms Natasha
't'uli & Ms Purnima Krishna. Advs. with Mr
'l'apish Ma.jumdar & Mr Arunar,' Pankai. rcprcscntatives o1' thc respondcnts. o.M.P. t20312012
I{I-,LIANCE Cn PI'|AL L'l'D ..... Pctilioncr
'fhrough: Ms l)riva l)arshini Arora. Adv. with Mr
Som Nalh Pandey'. A.ll. vcrsus
IISC C &CJOIN'I'VltN'llllttr& OI{S ..... ltcspondents
'lihrough: Mr Rajiv Nayar, Sr. Aclv. with Mr
Shishir Sharrna. Mr Abinav Mukcrji. Ms Natasha
T'uli & Ms Purnima Krishna. Advs. with Mr
'l'apish Majurndar & Mr Arunav I'ankaj. rcprcscntativcs of thc rcspondents.
C-ORAM:
HON'BLE MR. JUSTICI,I RAJIV SIIAKDIII,IR
ORDI'R t\, 11.11.2013
I As dircctcd, Mr G.S. .f ohar has filccl allidavits disclosing thc location
() fvl.P. l202t2\l2 & 1203/2012 nasc lol'I
4-{li,r6Y}'*,,;rJ
AF v
J-,r-tl
,-,J--u tnr*q
2013:DHC:8382
\( ol' the 72 construction ccluipments which have been linanced by the pctitioner. Learned counsel lbr the pctitioner says that the copics of the alliclavits have been served on her. l'he parties havc also filcd minutes of mceting dated 31.10.2013. which inter alia records the fact that an exercise
1br rcconciliation of accounts was undertakcn.
1.1 l,earned counsels for both sides say that the rcconciliation exercise has rcvealed that the respondents are required to pay a sum of Rs. 2.38 crores to the petitioner. which includes a sum of Rs. 71 lacs towards penal interesl.
JUDGMENT
2. In the albresaid circumstanccs. counscls for the parties are agreed that thc captioned petitions can bc disposcd of based on thc fbllowing directions: (i) 'l'hat exclusive of penal intcrest. i.c.. the sum of Rs. 7l lacs, the rcspondents will pay the balance sum o1'I{s. l 67 crorcs to the petitioner, within a maximum pcriod o1' six (6) rnonths from today ending on 11.05.2014. The sum of Rs.l.67 crores will, howevcr, caffy a simple intcrcst of 1U% pcr annum. (ii) '['hc respondents will pay. aftcr a moratorium of two months. an amount of Its 1.67 crorcs in three cqual instalments. 'I'he first instalment will fall duc on 11.01.2014. 'l'hc sccond instalmcnt will bc paid on or bcfore 11.03.2014. The third and l-rnal instalment will bc paid <ln or before I[1].05.2014. liach ol'thcse instalments will carry an intercst component. On the f-rrst instalment. intercst would accrue on Rs. 1.67 crores. Partios are also agrccd that the intcrest will bc calculated thereafier on the outstanding amount. In case intcrest is not paid with any instalment. it will form part of the outstanding amount. o M.P. t202120t[2] & 120312012 page 2 ol.l MF tt (iii) 'l'he rcspondents. during the subsistencc of thc afbresaid arrangemcnt, shall not part posscssion with at lcasl tcn (10) construction equipments in issue. 'I he details of the said construction equipments would bc supplied to thc pctitioner and a security will bc created in those vchicles upon satisfaction of the petitioncr as to their valuc and condition.
(iv) the respondents shall kcep the petitioncr informed, at each point in tirne, as and when the ten (10) vehicles are moved from thc present location. as indicated in the affidavits lllcd in this courl. to any othcr location.
(v) In so lar as the pcnal interest is concerncd. which has been crystallizcd at Rs. 71 lacs. partics arc agreed that this issuc be placed before tl"rc arbitrator. who has commenced the proceedings in the mattcr.
3. 'l'hc rcspondents shall file an aflldavit, whcrcin it will be indicated that they are agrecable to the terms set out hcreinabove. 'l'hc said affidavit shall bc filed within three days liom today. A copy of the same shall be supplied to the counsel fbr thc pctitioncr.
4. It is made clear that in casc there is brcach of any of the terms and conditions indicated hcreinabove. thc petitioncr shall bc free to take appropriate action against thc respondents in accordance with law, including its rights to proceed in contcmpt against the rcspondcnts. 1-hc pctitioncr will also bc at libcrty to scek any othcr appropriate remedy: albeit in accordance with law.
5. ln view of condition no.
(v) above, the parties and their counsel shall appear before the arbitrator on 29.11.2013 at 3.00 p.m. 'the learned arbitrator shall pass an appropriate award only in respcct o[1] the issue pertaining to penal intercst. which is presently quantified ar Its. 71 lacs. ().M.t,. I l{)l/10 I: & 120312(t12 page 3 of[4],y ilF \1
6. With the aforesaid directions. the pctitions arc disposcd gf. "(-.,J[Jv ' -;t RAJTV SIIAKDHER,.I NOVEMBNR 1I, 2013 kk o.N,r.P. 120212012 & 120312012 t&"J t*' ' page.l oi 4 ou7''o"* A NrJ*d< T,^j^ icL-.,l"yj 11n T"gIxL A*A"r-^rA'y a-.,"st Ma hr't r; fa"*.azt U"l"- L';,"\r< *,ffA uLv f\t J*'A/^t- -fiJ b/f y3l,obT tll,,lzo'g rvf'-)"' A"t'*ttl^"-Ll bs<- c-.gC -{v' ( A r.tt', ottr sed R'F "'r=^+al:ve) i- S-^ry&**^'' Lo{n'.oaArt-{2 +t< 92 "^1""t-eof ft" (o^nar fr*J (n* o, iloLa^" Ch'kJ L'/" ) 4- 'Sn^aA** ^ g \s ull-oo[1] r'\rr) vt\