Sanjib Banerjee, J. - (1.) These are applications for implementation of an award. The judgment-debtor, KND Engineering Technologies Limited, claims satisfaction of the award upon the deposit that it has made in Court. The decree-holders, Fab Leathers Limited and Chroma Business Limited, seek execution in terms of the award. The present round of execution by the decree-holders comes upon their earlier failed attempts, including an application that stood dismissed by an order of June 11. 2002.
(2.) E.C. No. 113 of 2007 is the decree-holders' present attempt at execution and E.C. No. 115 of 2007 is the judgment-debtor's rival application for recording discharge of the decree by payment.
(3.) The award, in its material terms', provides for payment of a sum of Rs. 6,82,62,117/- with pendente lite and post-award interest at the simple rate of 15 per cent per annum. The award permitted the judgment-debtor to pay off the amount within three months from the date thereof, failing which the decree-holders were entitled to get a conveyance of premises No. 30, Shakespeare Sarani, Calcutta-700 017 executed and registered in their favour. The concluding and operative portion of the award provides as follows:- "I, therefore, direct as follows: (a) The respondent will pay a total sum of Rs. 6,82,62,117/- together with interest at the rate of 15% per annum simple on the principal amount of Rs. 5,18,98,909/- from 16th April, 1999 until payment within a period of three months from the date hereof, (b) If the respondent does not pay the aforesaid sum within the said period of three months, the claimants will be entitled to get the conveyance of premises No. 30, Shakespeare Sarani together with the benefit of the sanctioned plan registered in their favour or any one of them or their nominee or nominees on compliance of all legal formalities. The transaction shall be completed within a period of six months. The respondent is directed to cause Bata India Ltd. and/or other parties necessary to execute such conveyance in favour of the claimants or any of them or their nominee or nominees as the case may be. The value of the land has already been determined by me at Rs. 12.50 crores, (c) In the event of execution of such conveyance, if the total amount payable by the respondent to the claimant does not exceed the said sum of Rs. 12.50 crores, the claimants shall pay the balance amount simultaneously to the respondent. It is made clear that interest @ 15% per annum on the principal amount shall accrue either until payment of the awarded amount or the date of conveyance as the case may be, (d) The stamp and registration charges in respect of the registration will be borne by the parties as follows: For Rs. 12.50 crores by the claimants. Balance Rs. 6.5 crores by the respondent. (e) The respondent will bear all Municipal taxes and other outgoings in respect of the said property upto the date of conveyance and handing over possession of the property to the claimants or any of them or the nominee or nominees as the case may be, (f) So far as the shares in respondent are concerned since the claimants have not asked for any relief in their statement of claim, I refrain from giving any direction, (g) I assess the costs of arbitration at Rs. 1 lack which shall be payable by the respondent to the claimants together with the awarded amount mentioned above.;