SWASTIKA MAHAPATRA Vs. CYGNUS INVESTMENTS AND FINANCE

JUDGEMENT

(1.) By an order dated 20th December, 2018 in an application under Section 34 of The Arbitration and Conciliation Act, 1996 filed by the petitioner no.1 Dr. Swastika Mahapatra, this Court had directed the petitioner no.1 to pay Rs.50,00,000/- (Fifty lacs) in five equal instalments on the last Friday of every month starting from February, 2019. The operative part of the order is set out below:

(2.) Learned counsel for the respondent who has filed the review application submits that contrary to the direction passed, the petitioner has failed to pay even a single installment since February, 2019. Counsel also relies on the material part of the Award dated 3rd April, 2017 by which the petitioners herein were directed to pay interest at 18% per annum from the date when the money was received by the respondents till the date of the Award and further that the respondent before this Court was entitled to a further interest at 18% per annum on the awarded amount from the date of the Award till realisation of its dues. Counsel submits that in the order passed by this Court on 20th December, 2018, no direction had made for payment of interest by the petitioners herein.

(3.) Learned counsel for the petitioner no.1 prays for extension of time to pay the instalments as directed. Learned counsel appearing for the petitioner no.2, being the daughter of the petitioner no.1, prays for time to take instruction in the matter on the ground that on the date when the application for setting aside of the award was decided, the petitioner no.2 was a minor. It is further contended by counsel that the petitioner no.2 did not have notice of the proceeding pertaining to the setting aside of the Award.