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ANUP JAIRAM BHAMBHANI
Landmark Property Development And Company Limited & Rs. – Appellant
Versus
Ansal Properties & Infrastructure Limited & Ors – Respondent
JUDGMENT
Anup Jairam Bhambhani J.
I.A No.11507/2022 in O.M.P.(I)(COMM.) No. 399/2018 EX.APPL. (OS) No. 2906/2022 in OMP (ENF.) (COMM.) No. 159/2019
1. By way of the present judgment, this court proposes to dispose-of applications bearing I.A. No.11507/2022 filed in O.M.P. (I) (COMM.) No.399/2018 and EX.APPL. (OS) No.2906/2022 filed in OMP (ENF.) (COMM.) No.159/2019 by M/s Landmark Property Development and Company Limited & Ors. (`decree holders') seeking release of the sums of Rs.13 crores and Rs.3,09,42,000/- respectively, that have been deposited by M/s Ansal Properties & Infrastructure Limited & Ors (`judgment debtors') in compliance of order/judgment dated 29.05.2019 and 05.01.2022, as detailed hereinafter.
2. This court has heard Mr. Amit Sibal, learned senior counsel appearing on behalf of the decree-holders; and Mr. Ashwani Kumar Mata, learned senior counsel appearing on behalf of the judgement-debtors on the present applications.
Submissions on behalf of Decree-Holders
3. The decree-holders seek release of the deposited amounts for the following reasons:
3.1. It is submitted that calculating the awarded amount as due upto 12.05.2023, as per the arbitral award, the judge
Interest ceased to run on the deposited amount after the dismissal of FAO No. 284/2005 on 04.12.2008.
The main legal point established in the judgment is the wide scope of Section 151 of the Civil Procedure Code, 1908, and the complementary nature of inherent powers to the specifically conferred powe....
Payment recognized under decree requires unconditional compliance; bank guarantees do not suffice, and interest continues until funds are available to the decree holder.
The court clarified that award debtors must deposit the full awarded sum as a condition for staying enforcement, emphasizing that both public and private parties are subject to the same requirements ....
The pendency of an application under Section 34 of the A&C Act is no longer a bar for enforcement of an arbitral award. The court must hear the application under Section 34 of the A&C Act on its meri....
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