CANDOR GURGAON TWO DEVELOPERS AND PROJECTS PVT. LTD. Vs. SREI INFRASTRUCTURE FINANCE
LAWS(CAL)-2018-5-119
HIGH COURT OF CALCUTTA
Decided on May 17,2018

Candor Gurgaon Two Developers And Projects Pvt. Ltd. Appellant
VERSUS
Srei Infrastructure Finance Respondents

JUDGEMENT

MOUSHUMI BHATTACHARYA,J. - (1.) Three applications have been filed by the petitioner against the respondent under Section 9 of The Arbitration and Conciliation Act, 1996, (the Act), for inter alia, orders directing the respondent to secure the amounts awarded under an Arbitral Award dated 11th December, 2017. By the said Award, the following direction was passed against the respondent : "30. The respondent should pay the said total sum of Rs. 60, 09, 18, 356/- (Rs. 50, 89, 40, 274+ Rs. 9, 19, 78, 082) to the claimant within a period of 30 days from the date of publishing this award, in default, the respondent should remain liable to pay interest at the rate of 16 % per annum until such liability is fully discharged. 31. I also award and direct that SREI, the respondent should pay a further sum of Rs. 50, 00, 000/- (Rupees Fifty Lakh) only towards the costs in favour of UDPL, the claimant. 32. I make and publish this award today, 11th December, 2017 in Kolkata."
(2.) The petitioner states that the period of 30 days expired on 12th January, 2018 and no payment has been made by the respondent to the petitioner in terms of the Award. Hence, this application.
(3.) Mr. S. K. Kapur, learned Senior Counsel appearing for the petitioner, submits that a letter of demand was issued on the respondent in February, 2018 for payment of INR 225, 55, 72, 875 along with interest at the rate of 16 percent per annum to the petitioner on the basis of the Award. The break up of the aforesaid amount was given by way of a tabulated statement in the said letter of demand. In the said letter it was clearly stated that the respondent was liable to make the payments within 30 days from the date of publishing of the Arbitral Award but had failed to do so. The petitioner was thereafter constrained to file the instant three applications in March, 2018.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.