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IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD
MOUSHUMI BHATTACHARYA, B.R.MADHUSUDHAN RAO
Excel Constructions – Appellant
Versus
Bharat Biotech International Ltd. – Respondent
| Table of Content |
|---|
| 1. overview of the petition and prior orders (Para 1 , 2 , 3 , 4) |
| 2. arguments on necessity of bank guarantees (Para 5 , 6) |
| 3. court's consideration of the requests (Para 7 , 10) |
| 4. delay in execution of the award (Para 8 , 9) |
| 5. decision on withdrawal of amount (Para 11) |
| 6. conclusion and order of the court (Para 12) |
ORDER :
Moushumi Bhattacharya, J.
1. The Civil Revision Petition (CRP) arises out of a docket order dated 10.03.2025 passed by the Commercial Court in an application filed by the Award-holder for withdrawing an amount of Rs.1,18,50,000/- deposited by the Award-debtor.
2. After hearing the arguments made on behalf of the parties, the Commercial Court on 10.03.2025 allowed the petition filed by the Award-holder by permitting the petitioner to withdraw the amount deposited by the respondent in compliance with the order passed by a Co-ordinate Bench on 05.12.2024 in an Appeal filed by the respondent subject to furnishing of a bank guarantee.
3. The order of the Co-ordinate Bench was passed in C.O.M.C.A.No.36 of 2024 in an Appeal filed by the respondent against the dismissal of the respondent’s application for setting-aside of the Award under section 34 of The Arbitr
An Award-holder may withdraw part of the awarded amount without furnishing security, especially when execution of the Award has been stayed and no risk to the Award-debtor is established.
The Court held that there is no requirement for a specific statutory provision to allow an award-holder to withdraw the secured amount. Sections 35 read with section 36 of the Act make it clear that ....
The court has the discretion to impose conditions for the withdrawal of the deposited amount under Section 19 of the Micro, Small and Medium Enterprises Development Act, 2006, considering the facts a....
The court has discretion to modify security arrangements under the Arbitration Act based on changed circumstances, balancing equities between parties while allowing withdrawal of funds.
The main legal point established in the judgment is that the sum to be secured for grant of stay of the Award as per Section 36 of the Arbitration and Conciliation Act, 1996 would include the post aw....
The main legal point established in the judgment is that under Section 36(3) of the Arbitration Act, there is a requirement for depositing 100% of the awarded amount for the grant of stay, and the Co....
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