NORTH EASTERN ELECTRIC POWER CORPORATION LTD (NEEPCO) Vs. PATEL ENGINEERING LTD -UNITY INFRA PROJECTS JV

JUDGEMENT

(1.) As against the arbitral award dated 29.03.2016, three separate appeals as filed stand entertained. Alongside the said appeals, three separate applications bearing Nos.MC (Arb.A.) Nos. 3, 4 and 5 of 2018 as filed, were disposed of vide order dated 13.06.2018 with a direction to the appellant to pay the balance amount of Rs.142.95 crores out of the tentatively calculated amount of Rs.571.17 crores, to the respondent within two months with a condition that same shall be without prejudice to the rights of the parties. Any change in the tentative amount shall be taken care of at the final hearing and disposal of the appeals.

(2.) Furthermore, the appellants were directed to deposit 5% of the tentatively worked out disputed balance amount of Rs.1064 crores as security for due performance of the decree (arbitral award) as required in terms of Order 41, Rule 5 sub-rule (3) (c) of the Code of Civil Procedure (CPC) by or before 14.08.2018 with a condition that in case deposited, the same shall be kept in fixed deposit with nationalized bank initially for a period of six months with a further condition that the deposit shall be without prejudice to the right of the either party.

(3.) Subject to the payment and deposit as above, the operation of the award was directed to remain stayed till disposal of the appeals.