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Judgment
The Court: The petitioner is represented by Mr. Rajesh Agarwal one of the directors of the award holder. He has been duly authorized by the
Board to represent the company in this proceedings. Mr. Agarwal has also produced a letter dated 3rd April, 2018 issued by Naresh Balodia
Advocate giving no objection. The board resolution dated 16th November, 2017 and the letter dated 3rd April, 2018 are kept on record. It is
submitted on behalf of the award holder that the Special Leave Petition filed by the judgment debtor was dismissed by the Hon’ble Supreme Court
on 25th January, 2018. However, the rate of interest awarded by the Arbitrator was reduced to 12% per annum. The award holder has filed an
application being MA No.650 of 2018 for review of the order dated 25th January, 2018 in so far as it has reduced the interest from 18% to 12%.Â
The said application is pending. It is submitted on behalf of the award holder that in view of the dismissal of the Special Leave Petition the award
holder has now become entitled to the awarded sum together with interest at the rate of 12% per annum until the interest rate is finally decided by the
Hon’ble Supreme Court.
The judgment debtor is not represented.
In view of the resolution taken by the three wings of the Bar to abstain from work the parties are not represented by Advocates. In view of
subsequent developments it appears that the decree holder is entitled to receive the awarded sum together with interest @ 12% p.a. till the interest
issue is decided in the pending application.
Mr. Agarwal is directed to communicate this order along with a copy of MA No.650 of 2018 and copies of the orders dated 25th January, 2018 and
28th March, 2018 passed by the Hon’ble Supreme Court to the Learned Additional Solicitor General with an intimation that this matter shall
appear under the heading for orders on 11th April, 2018. Mr. Agarwal shall also communicate this order to the General Manager Eastern Railway
in order to enable the said authority to take appropriate steps in the matter. It is the desire of the Court that on the adjourned date any competent
person conversant with the matter shall be present with required instruction.