2022 Supreme(Cal) 120
RAVI KRISHAN KAPUR
Damodar Valley Corporation – Appellant
Versus
Reliance Infrastructure Ltd. – Respondent
Advocates:
Advocate Appeared:
For the Appellant :Mr. Ratnanko Banerji, Senior Advocate, Ms. Vineeta Meharia, Mr. Amit Meharia, Mr. Santanu Chatterjee, Ms. Urmila Chakraborty, Ms. Tannishtha Singh, Ms. Paramita Banerjee, Ms. Subika Paul
For the Respondent:Mr. Harish Salve, Senior Advocate, Mr. Prateek Sakseria, Mr. Paritosh Sinha, Mr. Atanu Raychaudhuri, Mr. Saubik Chowdhury, Ms. Shrayashee Das, Mr. Pushan Majumdar, Mr. Rohit Banerje, Ms. Ayushmita Sinha Sahni, Mr. Jishnujit Roy
ORDER :
Ravi Krishan Kapur, J.
By an order dated 23 December, 2021 (the order), this Court while disposing an application under Section 36(2) of the Arbitration and Conciliation Act, 1996 (the Act) seeking stay of an award dated 21 December, 2019 (the award), had inter-alia directed the following:
17. For the foregoing reasons, I am of the view that since the award is a money award for approximately Rs.898 crores, I direct that there shall be a stay of the award subject to the condition that the petitioner deposit 50% of the awarded amount of Rs.898 crores by way of cash security or its equivalent to the satisfaction of the Registrar Original Side, High Court at Calcutta. Upon such deposit being made, the Registrar Original Side is directed to make a fixed deposit of the said amount with any nationalised bank and keep the same renewed till the disposal of the application under section 34 of the Act or until further orders of Court. The remaining 50% of the awarded amount of Rs.898 crores be secured by way of bank guarantee(s) of a nationalised bank by the petitioner to the satisfaction of the Registrar Original Side, High Court. The aforesaid exercise is to be completed within a perio
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