STATE OF WEST BENGAL Vs. BBM ENTERPRISE

JUDGEMENT

(1.) The present application has been made by the award-holder/respondent in AP no. 808 of 2022. The award-holder seeks to withdraw an amount of Rs.9.00 crores which was directed to be secured by the award-debtor/petitioner in AP No. 808 of 2022. The AP was filed by the award-debtor for stay of the arbitral award dtd. 2/7/2022

(2.) The award-debtor also applied for setting aside of the arbitral award in A.P. 746 of 2022 and by an order dtd. 17/1/2023 the Court recorded the award-debtor's submission that it will deposit Rs.9.00 crores within 6 weeks from the date of the order and that the award would be stayed consequent to such deposit being made. The award-debtor made the deposit on 16/3/2023.

(3.) The respondent/award-debtor resists the prayer of the award-holder for withdrawing the amount of Rs.9.00 crores on primarily two grounds. First, that there is no provision under The Arbitration and Conciliation Act, 1996 for allowing such a prayer and second, the Court has to come to a prima facie view of the award before passing such an order. The award-debtor also says that the present application cannot be entertained since the application for stay of the award was disposed of by the order dtd. 17/1/2023.