SREI EQUIPMENT FINANCE LIMITED Vs. MARG LIMITED

JUDGEMENT

(1.) This is an application filed by the Award-Holder under Section 9 of The Arbitration and Conciliation Act, 1996. The interim protection sought for in the application is for a direction on the Receiver to sell a certain number of shares of a company in which the Award-Debtor is a shareholder.

(2.) Learned counsel seeks such an order in the particular background of this matter wherein an order had been passed by a learned single Judge on 9th June, 2021 in an execution petition filed by the petitioner herein directing that the Receiver shall remain in possession of the said shares which shall remain in force until final orders are passed in the execution application. The said matter was thereafter heard by this Court whereby this Court was of the view that the execution petition was premature in view of the orders of the Supreme Court in a suo motu writ petition taking into consideration the plight of litigants during the pandemic. By the order dated 30th June, 2021, the application of the Award-Debtor was disposed of with a direction on the Award-Debtor to take appropriate steps within 10 days from the date of the order and to go before the learned Judge for recalling the order if the Award-Debtor so desired. The order dated 30th June, 2021 was passed in an application filed by the Award-Debtor for recalling the order of the learned single Judge dated 9th June, 2021.

(3.) Learned counsel appearing for the petitioner submits that the Award-Debtor/ respondent has not taken any steps pursuant to the direction of this Court, i.e., applied for recalling of the order of the learned single Judge or filing an application for setting aside of the Award as provided under Section 36(1) of the Act. It is submitted that since the respondent has failed to act in terms of the liberty given by this Court, there is no remaining embargo on the petitioner to seek appropriate orders under Section 9 in aid of the Award dated 31st August, 2020.