islamic Republic of Inran Shipping Lines Vs. Mnb Steel Pvt. Ltd. - Court Judgment

SooperKanoon Citationsooperkanoon.com/1061148
CourtKolkata High Court
Decided OnOct-16-2012
JudgeI. P. MUKERJI
Appellantislamic Republic of Inran Shipping Lines
RespondentMnb Steel Pvt. Ltd.
Excerpt:
ec no.70 of 2008 with ec no.166 of 2008 in the high court at calcutta ordinary original civil jurisdiciton islamic republic of inran shipping lines versus mnb steel pvt.ltd.before: the hon'ble justice i.p.mukerj.date:16. h october 2012 appearance: mr.promit ray, advocate ms.sarada hariharan, advocate for the petitioner mr.mainak bose, advocate mr.r.medora, advocate for respondents this is a combined order passed in both the applications. this is a further application to execute a foreign award dated 14th august 2007. it appears from the tabular statement that this award was passed on 5th august 2008. the execution application (ec no.70 of 2008) became contentious. it was adjudicated upon by patherya, j. as reflected in her ladyship’s judgment and order dated 24th august 2012. an order was passed in terms of prayers (a).(b) and (f) of column 10 of the tabular statement. a member of the bar was appointed as receiver. the manager of bank of baroda, burrabazar branch was directed to inform the court as to the amount lying to the credit of the judgment-debtor on the next date of hearing of this application. not this application is before me. it was submitted by the bank of baroda that there was no balance to the credit of the judgment-debtor in their account. it is submitted by mr.bose for the judgment-debtor that an appeal against the above judgment was preferred before the division bench. but it was dismissed by that court on the ground that an appeal lay before the hon’ble supreme court, on the basis of a judgment of that court. learned counsel submits that steps are being taken to prefer a special leave petition. the appeal before the division bench of this court was dismissed on 12th october 2012. an opportunity should be given to the judgment-debtor to avail of their remedy in appeal, within a reasonable time. but nonetheless, the interest of the decree-holder has to be fully secured. in that view of the matter, i direct that the term deposit of the principal sum of rs.15 lakhs created pursuant to the order dated 14th may 2008 of sanjib banerjee, j., by the judgment-debtor with bank of baroda, burabazar branch together with all accrued interest, will be transferred to an account to be opened by the advocate-on-record for the decree-holder, ms.sarada hariharan, with axis bank, new alipore branch. the advocateon-record will create a short term deposit earning the highest rate of interest in her favour but to the credit of the judgment-creditor and upon intimation of the details of the deposit to the advocate-on-record for the judgment-debtor. order in terms of prayer (a) of the tabular statement confined to inventory and symbolic possession only. the receiver will file a report by the returnable date. the receiver will be paid a further remuneration assessed at 1000 gms.by the petitioner. the judgment-debtor is directed to file an affidavit of assets. the receiver will also make an inventory of the galvanized iron and steel sheets mentioned in his minutes of 24th september 2012. the judgment-debtor is restrained from transferring, encumbering or dealing with the immovable properties mentioned in prayer (a) and galvanized materials mentioned in the above minutes till further orders.list these applications on 5th december 2012. receiver and all parties are to act on a signed photocopy of this order on the usual undertakings. (i.p.mukerji, j.) r. bose ar(cr)
Judgment:

EC No.70 of 2008 with EC No.166 of 2008 IN THE HIGH COURT AT CALCUTTA ORDINARY ORIGINAL CIVIL JURISDICITON Islamic Republic of Inran Shipping Lines Versus MNB Steel PVT.LTD.Before: The Hon'ble Justice I.P.MUKERJ.Date:

16. h October 2012 Appearance: Mr.Promit Ray, Advocate Ms.Sarada Hariharan, Advocate for the petitioner Mr.Mainak Bose, Advocate Mr.R.Medora, Advocate for respondents This is a combined order passed in both the applications.

This is a further application to execute a foreign award dated 14th August 2007.

It appears from the tabular statement that this award was passed on 5th August 2008.

The execution application (EC No.70 of 2008) became contentious.

It was adjudicated upon by Patherya, J.

as reflected in Her Ladyship’s judgment and order dated 24th August 2012.

An order was passed in terms of prayers (a).(b) and (f) of column 10 of the tabular statement.

A member of the Bar was appointed as Receiver.

The manager of Bank of Baroda, Burrabazar branch was directed to inform the Court as to the amount lying to the credit of the judgment-debtor on the next date of hearing of this application.

not this application is before me.

It was submitted by the Bank of Baroda that there was no balance to the credit of the judgment-debtor in their account.

It is submitted by Mr.Bose for the judgment-debtor that an appeal against the above judgment was preferred before the Division Bench.

But it was dismissed by that Court on the ground that an appeal lay before the Hon’ble Supreme Court, on the basis of a judgment of that Court.

Learned Counsel submits that steps are being taken to prefer a special leave petition.

The appeal before the Division Bench of this Court was dismissed on 12th October 2012.

An opportunity should be given to the judgment-debtor to avail of their remedy in appeal, within a reasonable time.

But nonetheless, the interest of the decree-holder has to be fully secured.

In that view of the matter, I direct that the term deposit of the principal sum of Rs.15 lakhs created pursuant to the order dated 14th May 2008 of Sanjib Banerjee, J., by the judgment-debtor with Bank of Baroda, Burabazar branch together with all accrued interest, will be transferred to an account to be opened by the Advocate-on-Record for the decree-holder, Ms.Sarada Hariharan, with Axis Bank, New Alipore Branch.

The Advocateon-Record will create a short term deposit earning the highest rate of interest in her favour but to the credit of the judgment-creditor and upon intimation of the details of the deposit to the Advocate-on-Record for the judgment-debtor.

Order in terms of prayer (a) of the tabular statement confined to inventory and symbolic possession only.

The Receiver will file a report by the returnable date.

The Receiver will be paid a further remuneration assessed at 1000 GMs.by the petitioner.

The judgment-debtor is directed to file an affidavit of assets.

The Receiver will also make an inventory of the galvanized iron and steel sheets mentioned in his minutes of 24th September 2012.

The judgment-debtor is restrained from transferring, encumbering or dealing with the immovable properties mentioned in prayer (a) and galvanized materials mentioned in the above minutes till further ordeRs.List these applications on 5th December 2012.

Receiver and all parties are to act on a signed photocopy of this order on the usual undertakings.

(I.P.MUKERJI, J.) R.

Bose AR(CR)