Calcutta High Court
Jagrati Trade Services Private Limited vs Deepak Bhargava And Ors on 13 May, 2025
Author: Shampa Sarkar
Bench: Shampa Sarkar
OCD-1
EC-COM/424/2024
IA NO: GA-COM/1/2024, GA-COM/2/2025, GA-COM/3/2025
IN THE HIGH COURT AT CALCUTTA
ORDINARY ORIGINAL CIVIL JURISDICTION
COMMERCIAL DIVISON
JAGRATI TRADE SERVICES PRIVATE LIMITED
VS
DEEPAK BHARGAVA AND ORS.
BEFORE:
The Hon'ble JUSTICE SHAMPA SARKAR
Date : 13th May, 2025.
Appearance:
Mr. Rudra Sarkar, Adv.
Mr. Dehangshu Dinda, Adv.
Ms. Arundhati Barmon Roy, Adv.
Mr. Jai Kumar Surana, Adv.
Mr. Dhruv Surana, Adv.
. . .for the petitioner.
Mr. Paritosh Sinha, Adv.
Mr. K.K. Pandey, Adv.
Mr. Zeeshan Haque, Adv.
Ms. Pooja Sett, Adv.
Ms. Easha Manchanda, Adv.
Ms. Mallika Bathra, Adv.
. . .for the respondent nos.1 to 13.
Mr. K.R. Thakkar, Sr. Adv.
Mr. Srijib Chakraborty, Adv.
Ms. Pooja Sah, Adv.
Mr. Rahul Arya, Adv.
. . .for the intervenor.
The Court:
RE: IA NO: GA-COM/1/2024
GA-COM 1 of 2024 is an application filed by the award debtor nos. 1 to 10
for stay of the execution case, till the disposal of appeal being APOT No.328 of
2024.
2
APOT No.328 of 2024 was an appeal under Section 37 of the Arbitration
and Conciliation Act, 1996 from the order of dismissal of the application for
setting aside the award. It is informed to the Court that APOT No.328 of 2024
has been disposed of. Accordingly, the application being GA-COM 1 of 2024 is
dismissed without any orders.
RE: GA-COM/2/2025
GA-COM 2 of 2025 is also an application filed by the award debtor nos. 1
to 10 praying for stay of EC COM 424 of 2024 for a period of eight weeks or such
period as the Court deems fit and proper. The reason for such prayer was that
the award debtor nos. 1 to 10 were in the process of filing a special leave petition
before the Hon’ble Apex Court, being aggrieved by the decision of the Hon’ble
Division Bench in the appeal.
It is informed that an appeal was preferred before the Hon’ble Apex Court.
The appeal has been admitted by the Hon’ble Apex Court on the limited point of
interest on the refund amount. The Hon’ble Apex Court also directed that the
award-holder could withdraw the principal amount of Rs.19,92,30,500/- from
the amount which has been deposited by the award debtor nos.1 to 13 before the
Registrar, Original Side, High Court at Calcutta. The Hon’ble Apex Court has
also directed that the remaining balance amount lying with the Registrar,
Original Side upon withdrawal of the principal by the award holder, shall be
invested in a fixed deposit with any nationalized bank with auto renewable
facility, till the disposal of the appeal before the Hon’ble Apex Court.
Under such circumstances, GA-COM 2 of 2025 has become infructuous
and the same is dismissed.
3
RE: GA-COM/3/2025
GA-COM 3 of 2025 is an application filed by the award debtor no.13 for
stay of the execution case, to enable the said award debtor to prefer an appeal
before the Hon’ble Apex Court. As the Hon’ble Apex Court has admitted the
appeal on a limited point and has permitted the award holder to withdraw the
principal amount of Rs.19,92,30,500/- with a further direction that the balance
amount will be invested in a fixed deposit by the Registrar, Original Side in a
Nationalized Bank with auto renewable facility, GA-COM 3 of 2025 has become
infructuous. Accordingly, GA-COM 3 of 2025 is dismissed.
The contentions of Mr. Thakkar learned senior advocate, Mr. Srijib
Chakraborty and Mr. Rahul Arya that the order of the Hon’ble Apex Court has
adversely affected their clients, who were neither parties to the arbitration
proceeding nor to the execution case, cannot be entertained by this Court. All
parties are at liberty to take appropriate steps in accordance with law.
The execution case will be listed, upon disposal of the proceedings before
the Hon’ble Apex Court. Parties are at liberty to mention.
(SHAMPA SARKAR, J.)
sp/