Judgment:
AP No.220 of 2012 IN THE HIGH COURT AT CALCUTTA Ordinary Original Civil Jurisdiction ORIGINAL SIDE SREI EQUIPMENT FINANCE PRIVATE LIMITED Versus PANNA SARKAR & ANR.
BEFORE: The Hon'ble JUSTICE SANJIB BANERJEE Date :
16. h May, 2012.
Appearance: Mr.A.Mitra, Adv.Mr.Dipankar Dhar, Adv.The Court : This is a post-award petition under Section 9 of the Arbitration and Conciliation Act, 1996, the award having been passed on January 2, 2012.
The respondents are represented and insist that the respondents have not been served the award by the arbitrator, though, in couRs.of the present proceedings, the respondents have been served copies of the award by the petitioning financier.
Pursuant to orders passed on a previous petition under Section 9 of the Act, the Receiver appointed therein took possession of the excavator that formed the subject-matter of the agreement between the parties.
The present petition is for the sale of the excavator.
The Receiver has received a best offer of Rs.12 lakh for the excavator of 2007-make, which cost slightly over Rs.19 lakh inclusive of taxes.
The matter had been adjourned previously to allow the parties to resolve their differences.
It does not appear that the negotiations have borne any fruit.
The respondents have also not been able to match the best offer received by the Receiver or get a better offer for the asset.
The sale of the excavator is confirmed in favour of Manot Kr.
Chaurasia of Cossipore, Calcutt”
002. at Rs.12 lakh subject to the entire consideration being received within three weeks from date.
The Receiver will hand over a certificate of possession to the purchaser upon the relevant instrument or instruments being encashed.
The Receiver will thereafter stand discharged after being paid his final remuneration of 600 GM by the petitioner which the petitioner will be entitled to claim in the possible execution proceedings.
AP No.220 of 2012 is disposed of without any order as to costs.
The sale proceeds will be adjusted against the principal amount found payable under the award before being adjusted against any costs or interest that may have been awarded in the petitioner’s favour.
Urgent certified photocopies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SANJIB BANERJEE, J.) bp.
A.R(C.R)