BANK OF MAHARASHTRA Vs. AMRITLAL TIRATHRAM

JUDGEMENT

(1.) The Petitioner Bank has challenged the impugned order dated 3rd November, 2006 whereby an application under Section 144 and 145 of the Civil Procedure Code, (for short, "C.P.C.") for restoration against Respondent No.1 pursuance to the directions of Hon ble High Court Bombay given in Appeal No.1007 of 2001 directed to deposit the amount of Rs.35,00,000/- (Rupees thirty five lacs only) along with interest @ 9% per annum forthwith, and on failure of Respondent No.1 to deposit the amount, Respondent No.3 Bank of Maharashtra is directed to deposit an amount of Rs.17,50,000/- (Rupees seventeen lacs fifty thousand only) as against the bank guarantee Exhibit-33 and on failure of Respondent Nos. 1 and 3, the Applicant is permitted to execute the order in manner provided for execution of decree as contemplated under Section 144 and 145 of the C.P.C..

(2.) The present Petition is filed only by the Petitioner Bank (Original Respondent No.3) and not by Respondent No.1.

(3.) As per the Petitioner, the facts are:- On 27/12/1997, under an Arbitration proceedings an Award was passed against Respondent No.1 directing him to pay a sum of Rs.35,00,000/- (Rupees thirty five lacs only) to Respondent No.2.