JUDGMENT

Vineet Saran, J.

This is an application for modification of the order dated 21.09.2021 passed in I.A. No.84110 of 2021 in CA. Nos.5395-5398 of 2019.

2. The short dispute in the present matter is with regard to the release of the mutual funds in favour of the applicant/Respondent No.5, which are of the value of about 350 crores.

3. Earlier, by order dated 27.08.2019, this Court had given the option to applicant/Respondent No.5 to get mutual funds converted/encashed and the amount was to be deposited in a fixed deposit account of a nationalized bank. The said order was modified by this Court by a detailed order dated 16.03.2021 passed in I.A. No. 100812/2020 in C.A. Nos.5395-5398 of 2019, the operative portion of which is extracted below:-

"10. Therefore, we modify the Interim Order dated 27.08.2019 to the extent that the Mutual Fund units of Respondent No. 5-Applicant, kept with the Respondent No. 1 -ISSL, be released in favour of the Respondent No. 5-Applicant by way of transfer of the said Mutual Fund units and crediting the same in the demat account of the Respondent No.5-Applicant. This is subject to the Applicant furnishing requisite Bank Guarantee of equivalent value as the Mutual Fund units, to the satisfaction of the Trial Court. The Respondent No.5-Applicant shall comply with this requirement within one month of filing of application for release of Mutual Fund units (along with a copy of this order) before the Trial Court. The Trial Court shall also dispose of such application expeditiously. It is clarified that the Interim Order dated 27.08.2019 shall continue to operate as it was as against the other parties/non-Applicants herein"

4. Another application, I.A. No.84110/2021, was filed by the applicant/Respondent No.5 and this Court further modified the earlier order on 21.09.2021, operative portion of which reads as under:-

"That instead of bank guarantee for a sum of Rs.344.07 crore, which has been furnished by applicant/Dalmia in terms of our order dated 16.03.2021, the applicant/Dalmia shall now furnish a bank guarantee for a sum of Rs.100 crores and further it shall furnish a security to the extent of Rs.300 crores of an unencumbered asset, the value of which may be duly certified by the Chartered Accountant-cum-Valuer, who have no conflict of interest having regard to the parties involved and interest in the subject matter and may be any one of the following.

1. Price water house Coopers Private Limited

2. Ernst and Young

3. KPMG

The bank guarantee already furnished by the applicant/Dalmia to the extent of Rs.344.07 crores shall stand discharged on the applicant/Dalmia fulfilling the above conditions to the satisfaction of the Trial Court. The applicant/Dalmia shall also file an affidavit before this Court to the extent that the asset, which is being furnished as security, is an unencumbered property."

5. The present application, I.A. No.6482 of 2022, has been filed by the applicant/Respondent No.5 for a further modification of the order dated 21.09.2021, the prayers of which read as under:-

"a. Allow the present Application seeking modification of order dated 21.09.2021 passed by this Hon'ble Court in IA No.84110 of 2021; and/or

b. Modify the order dated 21.09.2021 passed by this Hon'ble Court in IA No.84110 of 2021 in Civil Appeal No.5395 of 2019 and direct the Chief Metropolitan Magistrate (East), Karkardooma Courts, Delhi to return/release the original Bank Guarantee No. OGT0005210053201 dated 23.03.2021 of the IndusInd Bank Limited in the sum of INR 344.07 Crores, furnished by Dalmia Cement (Bharat) Ltd. /applicant pursuant to order dated 16.03.2021 passed by this Hon'ble Court, to the Applicant on such terms and conditions as may be deemed fit by this Hon'ble Court; and

c. Pass such other order(s) as this Hon'ble Court may deem fit."

6. The submission of Shri Guru Krishna Kumar, learned Senior Counsel appearing for applicant/Respondent No.5 is that subsequent to the passing of the order dated 21.09.2021, a