L and T Finance Ltd. Vs. Simplex Projects Ltd.

L and T Finance Ltd. vs Simplex Projects Ltd.

Type Court Judgment Court Kolkata Decided Aug 06, 2014

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https://sooperkanoon.com/case/1160028

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Citation: sooperkanoon.com/1160028
Court: Kolkata High Court
Judge: Biswanath Somadder
Decided On: Aug 06, 2014
Subject: Arbitration

Case Summary

AI-generated summary - not the official court judgment text.

Arbitration

Key legal issue: Arbitration

Parties & Advocates

Appellant / Petitioner

L and T Finance Ltd.

Respondent

Simplex Projects Ltd.

Excerpt

.....projects ltd.ap no.726 of 2014 l & t finance ltd.versus sinplex projects ltd.before: the hon'ble justice biswanath somadder date : 6th august, 2014. mr.p.sinha, adv.…for the petitioner mr.deepak agarwal, adv.…for the respondent the court : both these applications, being a.p.658 of 2014 and a.p.726 of 2014, are under section 9 of the arbitration and conciliation act, 1996. the common petitioner is seeking appointment of receiver to take possession of the assets morefully described in paragraph 5 of both the applications. from the records it appears that a receiver has been appointed by an earlier order dated 4th june, 2014, passed in a.p.no.658 of 2014. insofar as a.p.726 of 2014 is concerned, no receiver has been appointed in terms of the order dated 11th june, 2014. at the time of hearing of these applications, it is submitted by learned advocate representing the respondent that his clients are ready and willing to clear the arrear instalments due and payable to the petitioner in respect of both the agreements. in such circumstances, the application can be disposed of, at this stage itself, with a direction upon the respondent to clear the arrear instalments in respect of both the agreements in three equated monthly instalments, beginning 20th of this month. in default, the receiver appointed by this court on 4th june, 2014 in a.p.658 of 2014 shall take possession of the assets morefully described in paragraph 5 of both the applications with police help if required and thereafter take all appropriate steps in accordance with law. needless to mention that insofar as the current dues are concerned, the common respondent shall go on making payment on the basis of the schedule of payment under the agreement and shall not dispose of the assets till the entire dues of the petitioner are cleared in terms of the agreement. the applications are accordingly disposed of. (biswanath somadder, j.) tr/

Full Judgment

ORDER

SHEET IN THE HIGH COURT AT CALCUTTA Ordinary Original Civil Jurisdiction ORIGINAL SIDE AP No.658 of 2014 L & T FINANCE LTD.Versus SIMPLEX PROJECTS LTD.AP No.726 of 2014 L & T FINANCE LTD.Versus SINPLEX PROJECTS LTD.BEFORE: The Hon'ble JUSTICE BISWANATH SOMADDER Date : 6th August, 2014.

Mr.P.Sinha, Adv.…for the petitioner Mr.Deepak Agarwal, Adv.…for the respondent The Court : Both these applications, being A.P.658 of 2014 and A.P.726 of 2014, are under section 9 of the Arbitration and Conciliation Act, 1996.

The common petitioner is seeking appointment of receiver to take possession of the assets morefully described in paragraph 5 of both the applications.

From the records it appears that a receiver has been appointed by an earlier order dated 4th June, 2014, passed in A.P.No.658 of 2014.

Insofar as A.P.726 of 2014 is concerned, no receiver has been appointed in terms of the order dated 11th June, 2014.

At the time of hearing of these applications, it is submitted by learned advocate representing the respondent that his clients are ready and willing to clear the arrear instalments due and payable to the petitioner in respect of both the agreements.

In such circumstances, the application can be disposed of, at this stage itself, with a direction upon the respondent to clear the arrear instalments in respect of both the agreements in three equated monthly instalments, beginning 20th of this month.

In default, the receiver appointed by this Court on 4th June, 2014 in A.P.658 of 2014 shall take possession of the assets morefully described in paragraph 5 of both the applications with police help if required and thereafter take all appropriate steps in accordance with law.

Needless to mention that insofar as the current dues are concerned, the common respondent shall go on making payment on the basis of the schedule of payment under the agreement and shall not dispose of the assets till the entire dues of the petitioner are cleared in terms of the agreement.

The applications are accordingly disposed of.

(BISWANATH SOMADDER, J.) TR/

Same Court & Year Kolkata · 2014 Same Parties L and T Finance Ltd. vs Simplex Projects Ltd. Same Subject Arbitration Same Judge Biswanath Somadder