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Judgment
Although the point raised in these appeals is a legal issue, yet we cannot overlook the fact that the genesis or the dispute lies in an amount of rupees 1.07 crores paid on account of excise duty by the respondent - Corporation to the Government on behalf of the appellant. The said amount was refunded by the Government to the appellant. Learned counsel for the appellant submits that the said amount of rupees 1.07 crores has already been returned by the appellant to the respondent - Company.
We are further informed that in pursuance of a reference to arbitration, an Award had been made by the Arbitrator in favour of the respondent. Objections were filed against the Award by the appellant herein. The Award was set aside on account of the objections. An appeal against the said order filed by the respondent, is said to be pending.
The bone of contention appears to be the amount of rupees 1.07 crores, which according to the appellant, has already been refunded for recovery of the said amount of rupees 1.07 crores along with interest and the same is pending in the Civil Court.
The Learned counsel for the appellant has, at the outset, made a suggestion that in view of the refund of the amount by the appellant to the respondent, if the respondent is willing to close the matter in its entirety, the appellant will also accept the same. The Learned counsel for the respondent requests for some time to seek instructions. Accordingly, the matters are adjourned.
To be listed on 21st March, 2006.