Supreme Court of India
National Seeds Corporation Ltd. v. National Agro Seed Corporation (india)
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that it is necessary to evolve and formulate a suitable legislation on the subject.
Judgment, page 40
In brief
An arbitral award dated 13.06.2019 directed the appellant award-debtor to pay Rs.1,46,40,005.02 with 12% interest, aggregating Rs.1,77,97,434. While staying enforcement in the appellant's Section 34 petition, the High Court required a deposit of 50% of the principal, and the appellant deposited Rs.73,20,003 on 25.11.2019 purely to obtain the stay, without serving any notice under Order XXI Rule 1(2) CPC. After the Section 34 petition was dismissed, the appellant resisted the award-holder's applications for release of the money throughout the Section 37 appeal and the subsequent SLP; the balance Rs.1,53,17,792 was deposited only on 26.04.2022, and the executing court's offer to release Rs.1 crore was conditioned on the respondent furnishing title deeds as security, which the financially distressed respondent could not spare.…
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