JUDGMENT :

1. These three applications arise out of claims of rival parties to the amount of Rs. 32,14,94,304/- deposited by National Agricultural Co-operative Marketing Federation (NAFED) in the Delhi High Court towards satisfaction of the Arbitral Award dated 1 May 2017 passed in favour of Defendant No.2-National Spot Exchange Ltd. (NSEL). Plaintiffs have filed Notice of Motion No. 58 of 2019 inter alia seeking transfer of amount of Rs. 32,14,94,304/- deposited by NAFED with the Delhi High Court to the Registry of this Court. NAFED wants the amount to be transferred in escrow account opened at the directions of this Court for satisfying the claims of investors of NSEL. On the other hand, Defendant No.2-NSEL has filed Interim Application (Lodg.) No. 39615 of 2022 seeking leave of this Court to permit it to utilise the very same amount for its day-today activities as well as for giving financial support to its subsidiaries in accordance with the methodology decided by this Court by various orders passed in the past.

2. Plaintiffs have filed Suit for recovery of money from Defendants. It appears that Plaintiffs are already protected by various interim orders passed by this Court in their favour. On 18 December 2013, this Court has passed Order recording a statement on behalf of NSEL that it shall not dispose off, alienate, encumber, part with possession of or create any third party right, title or interest in any of its assets except for payment of statutory dues, amount of preservation, maintenance and protection of their assets and wages and salaries without the written permission of Forward Markets Commission and in case of immovable properties, without the order of this Court. During pendency of the suit, Award dated 1 May 2017 came to be passed by the Arbitrator directing payment of various amounts in favour of NSEL by NAFED. The said Award was challenged by NAFED before the Delhi High Court, which rejected challenge to the Award by dismissing the petition filed by NAFED by Order dated 1 September 2017. The Order of the learned Single Judge of the Delhi High Court came to be upheld by the Division Bench by its Judgment dated 7 November 2017. Special Leave Petition preferred by NAFED has also been rejected by Order dated 17 September 2018, except by modifying the rate of interest from 14% to 12%. In execution proceedings filed by NSEL before the Delhi High Court, NAFED paid an amount of Rs. 65 crores directly to NSEL and the balance amount of Rs. 32,14,94,304/- came to be deposited by NAFED with the Registry of the Delhi High Court.

3. NAFED sought directions from Delhi High Court for deposit/transfer of Rs. 32,14,94,304/- in escrow account opened as per directions of this Court for settling the claims of investors of NSEL. Delhi High Court granted leave to NAFED to move this Court to seek such directions. Accordingly, NAFED has filed Chamber Summons No. 662 of 2019 in the present suit seeking direction against NSEL for deposit of amount of Rs.32,14,94,304/- in the escrow account for the purpose of settling the dues of the investors.

4. Plaintiffs are aggrieved by utilization of amounts awarded to NSEL by arbitral award and have filed Notice of Motion No. 58 of 2019 seeking various directions for bringing back the amounts already spent/transferred by NSEL. Plaintiffs rely upon Affidavit dated 27 August 2018 filed on behalf of NSEL contending that out of the amount awarded by the Arbitral Tribunal, an amount of Rs. 31,43,25,188 is transferred to Defendant No.1-FTIL and Rs. 30,06,70,265/- is used towards legal expenses, employees’ salaries, statutory dues and administrative expenses. Plaintiffs are aggrieved by such transfer of funds from NSEL to FTIL as well as by spending of amount by NSEL without leave of this Court and contends that such action amounts to violation of various orders passed by this Court. Plaintiffs have accordingly filed Notice of Motion No. 58 of 2019 seeking the following reliefs :

(a) Pending the hearing fi