IMPORTANT POINT
The review jurisdiction is limited to specific grounds and cannot be used to re-litigate issues already decided.

ORDER :

REVIEW PET. 309/2024 (O.D. 19-07-2024)

1. The applicant/appellant M/s. BPL Limited has preferred this petition under Section 114 read with Order XLVII Rule 1 of the Code of Civil Procedure, 1908 [“CPC”] seeking review of the judgment dated 19.07.2024 passed by this Court [In FAO (OS) (COMM) No. 46/2019] whereby the appeal filed by the applicant/appellant in terms of Section 37(1)(b) of the Arbitration and Conciliation Act, 1996 [“A&C Act”] read with Section 13 of the Commercial Courts Act, 2015, was dismissed.

2. The factual background of the present matter has been elucidated in our judgment dated 19.07.2024 and the same are not being reproduced herein for the sake of brevity, which may be read as a part and parcel of the order on the instant application. However, in a nutshell, one M/s. BPL Display Device Limited [“BDDL”] had been supplying certain electronic goods to the applicant/appellant over a long period of time but since there was an issue of timely payments, both approached the respondent for extending a “bill discounting facility” to BDDL and accordingly the respondent sanctioned “bill discounting facility” vide letters dated 27.12.2002 (to the extent of Rs. 6 crores) and 11.06.2003 (to the extent of Rs. 6.5 crores). As per mutual agreement executed between the parties, the sanction letters referred the BDDL as “drawer” and the applicant/appellant as the “drawee” and the repayment of the amount was mutually agreed upon to be the responsibility of both i.e. the drawer BDDL and drawee viz. the applicant/appellant, jointly and severally.

3. It is pertinent to indicate that the facility was approved at a concessional rate of interest i.e. 22.5% per annum payable upfront as against the normal agreed rate of interest i.e. 36% per annum but in case of default in making payment of its dues, the concessional rate was stipulated to be withdrawn and normal interest @ 36% per annum was stated to be payable. It was also agreed that the “bill discounting period” was up to 150 days. It is a matter of record that a dispute arose between the parties when a sum of Rs. 25,79,91,096/- against the relevant Bills of Exchange became due and payable to the respondent/claimant by BPL and BDDL in 2004, which amount they defaulted in repaying despite repeated reminders on behalf of the respondent/claimant.

4. To cut the long story short, the respondent eventually invoked the arbitration clause as contained in both the sanction letters and after conclusion of the arbitration proceedings, as many as 9 issues were framed, and eventually an arbitral award dated 14.12.2016 was passed in favour of the respondent thereby directing the appellant to pay a sum of Rs. 7,27,05,579/- plus Rs. 20,62,28,681/- with interest as applicable in the terms of the sanction letters i.e. @ 36% per annum from the date these amounts were due till the date of the Award, and also providing for interest @10% per annum from the date of the Award till realization.

5. An application was preferred under Section 34 of the A&C Act raising certain objections against the legality of the impugned award, which came to be dismissed by the learned Single Judge of this Court vide order dated 18.12.2018.

6. As stated hereinbefore, an appeal was preferred before this Court under Section 37 of the A&C Act, which also came to be dismissed by us vide detailed judgment dated 19.07.2024, the review of which is sought now by the applicant/appellant on the grounds spelled hereinafter.

7. The appellant/appellant alluding to the clause (4) [The Drawee/Drawer agrees that normal agreed rate for providing Bill Discounting facility is 36% p.a., however as a special case the Discounting Company is providing the Bill Discounting facility at concessional rate of 22.5% p.a. payable upfront. in case of delay or default in making payment of amount of the Bill of Exchange or overdue bill discounting charges/interest or any part thereof on it’s due date, the concessional rate will be withdrawn and the norma