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2020 Supreme(Del) 1443

C. HARI SHANKAR
Edelweiss Asset Reconstruction Company Limited – Appellant
Versus
Gtl Infrastructure Limited – Respondent


Advocates Appeared:
Sandeep Sethi, Advocate, Misha, Advocate, Mahima Sareen, Advocate, Moulshree Shukla, Advocate, Parag Tripathi, Advocate, D.N. Ray, Advocate, Rohan Rajyadhaksha, Advocate, Prasad Lotlikar, Advocate, Suresh Gadre, Advocate, Vinod Bhadang, Advocate, Lokesh Choudhary, Advocate, Sumita Ray, Advocate, Rajiv Nayar, Advocate, Saket Sikri, Advocate, Amit Mahajan, Advocate, Essaji Vahanvati, Advocate, Vikalp Mudgal, Advocate, Ajay Pal Singh Kullar, Advocate

JUDGMENT

C Hari Shankar, J. - Edelweiss Asset Reconstruction Company Ltd. (abbreviated, hereinafter, to "Edelweiss") invokes Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act") to challenge order, dated 17th December, 2019, passed by the learned Arbitral Tribunal, which directed M/s. GTL Infrastructure Ltd. (hereinafter referred to as "GIL") to pay Rs. 240 crores to M/s. GTL Ltd. (hereinafter referred to as "GTL") and to deposit Rs. 200 crores in an Escrow account, to be maintained by GIL.

2. Gtl and GIL were the claimant and respondent, before the learned Arbitral Tribunal, respectively. The operative paragraphs of the impugned Order, with which Edelweiss claims to be aggrieved, reads thus:

    "37. It is accordingly ordered that:

    (i) The Respondent will pay a sum of Rs. 40 crores to the Claimant before or by 27th December, 2019 towards Security Deposit as contemplated under Clause 4.5 of the Suspension Agreement dated 8th March, 2018. (hereinafter referred to as the "Suspension Agreement")

    (ii) The Respondent shall pay Rs. 400 crores in accordance with the below mentioned schedule:

    80 Crores to be paid directly to the Clai

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