J U D G M E N T

HARISH VAIDYANATHAN SHANKAR, J.

EX.APPL.(OS) 593/2025 (By decree holder praying for revival of the Execution petition)

1. The present Application under Section 151 of the Code of Civil Procedure, 1908¹1 CPC, has been preferred by the Decree Holder seeking, inter alia, revival of Execution Petition No. 82/2012²2 Execution Petition, directions to the Judgment Debtor to deposit the alleged balance decretal amount, and release of the amount already lying deposited before this Court along with accrued interest.

2. At the outset, it is pertinent to note that the present Execution Petition, being EX.P. 82/2012, already stood disposed of by this Court vide Order dated 13.05.2022. By the said order, this Court permitted withdrawal of the amount deposited by the Judgment Debtor, subject to the Decree Holder furnishing an appropriate corporate undertaking to the satisfaction of this Court.

BRIEF FACTS:

3. The disputes between the parties culminated in an Arbitral Award dated 17.12.1998³3 Arbitral Award, which was assailed by the Judgment Debtor in CS(OS) No. 346A/1999.

4. This Court, vide Judgment and Decree dated 15.03.2005, rejected the objections and made the Arbitral Award a Rule of Court, while reducing the rate of future interest on the principal sum till realisation.

5. Aggrieved thereby, the Judgment Debtor preferred FAO(OS) No. 204/2005 before the Division Bench of this Court.

6. During the pendency of the said Appeal, execution of the Decree was stayed. However, the Appeal came to be dismissed for non-prosecution, resulting in vacation of the interim stay and thereby enabling the Decree Holder to initiate execution proceedings.

7. The Judgment Debtor filed an application seeking restoration of the Appeal. Since the relief sought therein was not granted to its satisfaction, the matter was thereafter carried to the Hon’ble Supreme Court.

8. The Hon’ble Supreme Court, in SLP (C) No. 16443/2013, which subsequently came to be converted into Civil Appeal No. 4122/2013, vide Judgment dated 26.04.2013, restored FAO(OS) No. 204/2005 to the file of the Division Bench of this Court. Such restoration, however, was made subject to the condition that the Judgment Debtor shall deposit the entire decretal amount, inclusive of accrued interest, before this Court within the period stipulated therein.

9. In compliance with the aforesaid directions of the Hon’ble Supreme Court, the Judgment Debtor deposited a sum of ₹2,89,90,273/- before this Court. The said amount was, in terms of the Order passed by the Hon’ble Supreme Court, directed to be kept in a fixed deposit so as to safeguard and secure the interests of the parties pending adjudication of the Appeal.

10. Thereafter, FAO(OS) No. 204/2005 came to be dismissed by the Division Bench vide Judgment dated 29.10.2018, while granting liberty to the parties to raise issues pertaining to substitution before the executing court.

11. The Judgment Debtor preferred SLP(C) No. 15895/2019 before the Hon’ble Supreme Court against the Judgment dated 29.10.2018; however, no interim stay was granted.

12. Later, in Execution Petition No. 82/2012, this Court, vide Order dated 13.05.2022, permitted release of the amount deposited by the Judgment Debtor along with accrued interest to the Decree Holder, subject to furnishing of a corporate undertaking to refund the same with interest @9% per annum in the event the Judgment Debtor succeeds before the Hon’ble Supreme Court. The said Execution Petition was accordingly disposed of.

13. Subsequently, the Hon’ble Supreme Court, vide Order dated 06.08.2024, granted leave in SLP(C) No. 15895/2019, limited to the specific issue as to whether the award of interest @ 18% per annum on the sum of US$ 1,30,681.52 was justified, or whether such interest ought to have been as per LIBOR rates only. At the same time, no stay was granted.

14. In the aforesaid backdrop, the Decree Holder has preferred the present Application under Section 151 CPC seeking, inter alia,