TaxTMI 
TaxTMI 
TaxTMI 
2021 (11) TMI 910
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....cree holder are that in case Ref No. DAC/ 1600/03-17, titled as M/s IPEX Infrastructure (P) Ltd Versus Hindustan Construction Company Ltd., an arbitration Award dated 08.01.2019 was passed by the learned arbitrator, whereunder decree holder was awarded amount of Rs. 8,35,33,837/- with future interest at the rate of 12% p.a. from the date of award till the date of payment of the awarded amount. The Award in question was challenged by the judgment debtor under Section 34 of the Act, which was dismissed by this Court vide order dated 20.05.2019 [in OMP (COMM) 208/2019]. Thereafter, decree holder issued a statutory notice dated 27.05.2019 to the judgment debtor under the Insolvency and Bankruptcy Code, 2016 demanding the payment in terms of awa....
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....olding that prima facie contempt was made by the judgment debtor and last opportunity was granted to make payment within two weeks in compliance of order dated 13.09.2019. 4. Pursuant to order dated 07.02.2020 passed by the Hon'ble Supreme Court in the contempt petition, judgment debtor made payment of Rs. 8,81,51,219/- on 19.02.2020 to the decree holder. 5. Pertinently, the grievance raised in the present petition by the decree holder is that the payment towards the arbitral Award was made by the judgment debtor on 19.02.2020 and thereby, judgment debtor was under the obligation to pay interest @12% p.a. on the awarded amount till then, in terms of the Award. However, payment of Rs. 8,81,51,219/- made by judgment debtor did not include i....
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....st at the rate of 12 percent per annum from 08.01.2019 i.e. the date of the award till date of payment on the awarded amount in favour of decree holder and against the judgment debtor. Filing of petition under Section 34 of the Act by the judgment debtor against the arbitral Award as well as Section 9 of the Insolvency and Bankruptcy Code, 2016 by the decree holder before NCLT is also not disputed. 11. Pertinently, judgment debtor had approached the Hon'ble Supreme Court seeking stay of proceedings before the NCLT, however, had furnished an undertaking to pay amount of Rs. 8.81 crores and Rs. 26.21 crores to decree holder within 12 weeks. The relevant partition of order dated 13.09.2019 passed by the Hon'ble Supreme Court [in IA No. 139647....
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....ator in case Ref. No. DAC/1600/03-17 titled M/s IPEX Infrastructure (P) Ltd. Versus Hindustan Construction Company Ltd. The Petitioner was awarded an amount of Rs. 8,35,33,837/- (Eight crores thirty-five lakhs thirty-three thousand and eight hundred and thirty-seven rupees) together with future interest at the rate of 12 percent per annum from 08.01.2019 i.e. the date of the award till date of payment on the awarded amount. The amount payable in terms of the award at present is 9,5,50,023/- Nine Crores Thirty Five Lakhs Fifty thousand and twenty three rupees) as on 9.12.2019." 13. In the said contempt petition, the Hon'ble Supreme Court vide order dated 07.02.2020 directed as under:- "Having heard the learned counsel for the parties, we ....
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.... the decree holder before NCLT as on the said date i.e. 27.05.2019, as awarded by the Arbitral Tribunal. The spirit of the said direction is to honour the arbitral Award in its true essence. The arbitral Award is very clearly worded that "the awarded amount of Rs. 8,35,33,837/- has to be paid together with future interest at the rate of 12 percent per annum from 08.01.2019 i.e. the date of the award till date of payment on the awarded amount in favour of decree holder". So, upon payment of Rs. 8,81,51,219/-crores to the decree holder, the judgment debtor cannot now claim that it has already honoured the arbitral award by complying the directions of Hon'ble Supreme Court vide order dated 07.02.2020. Meaning thereby, on the date of payment to....