S.S.ZOMBADE Vs. JAGDEEP SINGH VIRK

JUDGEMENT

(1.) Petitioner - Dr.S.S.Zombade instituted an execution petition bearing No.33 of 2012 for execution of the award dated 10.05.2010 passed by the Arbitrator and on the contrary, J.S.Virk also filed execution petition bearing No.39 of 2013 claiming such relief. It would be apt to give preface of the matter before pondering upon the submissions of Mr. Avnish Mittal. Petitioner and respondent were directors of M/s Poshak Agrivet Pvt. Limited Karnal. The certain dispute arose and the matter was referred to the Arbitration Tribunal and the Award dated 10.05.2010 came to be passed. The relevant portion of the Award reads thus: - 1 of 11 Civil Revision No.3324 of 2016 (O&M) {2} "1.) The running business under the name and style of M/s Poshak Agrivet Pvt. Ltd. (earlier named M/s Poshak Feeds (India) Pvt. Ltd.) shall belong to Dr. S.S.Zombande and his group of persons. Mr. Rajinder Kumar and other related /connected persons of Mr. Jagdeep Singh Virk shall transfer their respective shares to the group persons of Dr. S.S.Zombade in favour of whomsoever Mr. S.S.Zombade desires to be transferred, at face value of share. That all assets and liabilities of the company M/s Poshak Agrivet Pvt. Ltd., henceforth shall be of the company and directly or indirectly the group persons of Mr. Jagdeep Singh Virk that Mr. Rajinder Kumar and others, shall not have any claim whatsoever.

(2.) That M/s Poshak Agrivet Pvt. Ltd. (earlier named M/s Poshak Feeds (India) Pvt. Ltd.) shall transfer the property named as Peonth Farm after getting the same free from any kind of Bank encumbrance latest by 31.12.2011 to Mr. Jagdeep Singh Virk who shall have the right to acquire the same in any name as he so wishes and all expenses related to the transfer shall be born by him. The details of this part of award has been made known to parties verbally.

(3.) That Dr. S.S.Zombade, the Executive Director of M/s Poshak Agrivet Pvt. Ltd. (earlier named M/s Poshak Feeds (India) Pvt. Ltd.) shall make his earnest efforts to get Heena Banquet property released from the Bank as a collateral security offered latest by May, 2011. However, the possession of this property w.r.t. basement only which is under the use of the company shall be handed over to Mr. Jagdeep Singh Vrik latest by 31.07.2010.