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Judgment
Dr. S.K. Panigrahi, J
I.A. NO.29 Of 2023
This matter is taken up through hybrid arrangement.
This I.A. is filed by the Quartz Infra and Engineering Pvt. Ltd./Respondent seeking a direction from this Court to the Registry of this Court for releasing the statutory deposit (Rs.7.5 crores) along with the accrued interest thereon.
Since the final order dated 03.07.2023 passed in ARBA No.04 of 2021 has already been affirmed by the Supreme Court on 27.09.2023 in Special Leave to Appeal (C) No(s).19380/2023, the Respondent has approached this Court for withdrawal of the aforesaid amount with accrued interest thereon.
The relevant portion of the order dated 27.09.2023 passed in Special Leave to Appeal (C) No(s).19380/2023 is extracted herein below:-
“4. The Petitioner has already deposited an amount of Rs.7.50 crores before the High Court of Orissa. The respondent would be at liberty to withdraw the above amount unconditionally. The payment of the balance amount which is due and payable in terms of the award, save with the modification that interest shall be computed at the rate of 12%, shall be made over to the respondent on or before 30 November 2023.
Upon the payment being made to the respondent, the execution proceedings shall stand closed subject to proof of payment being produced before the concerned Court.
In the event of any failure to effect deposit, the execution proceedings shall continue to their logical conclusion.”
In such view of the matter, the Registry is directed to release the amount of Rs.7.5 crores along with interest accrued thereon in favour of the Respondent.
The I.A. stands disposed of.
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