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Posco Engineering & Construction India Pvt. Ltd. v/s Sinew Developers Pvt. Ltd.

    Miscellaneous Application No. 927 of 2020 in SLP (C) No. 25412 of 2019

    Decided On, 11 May 2020

    At, Supreme Court of India


    For the Petitioner: Tejas Karia, Ila Kapoor, Shruti Sabharwal, Mitali Daryani, Advocates, S.S. Shroff, AOR (NP). For the Respondent: Neeraj K. Kaul, Sr. Advocate, Apoorva Kaushik, Priyakshi Bhatnagar, Lalit Kumar Jain, Gaurav Gopal, Aman Raj Gandhi, Akash Lamba, Advocates, Pranaya Goyal, AOR.

Judgment Text

The Court convened through video conferencing.

By the order of this Court dated 4 February 2020, the applicant (the respondent in the Special Leave Petition) was directed to deposit an amount of Rupees Five Crores by 31 March 2020, failing which the stay granted by the High Court on the enforcement of the arbitral award was to stand vacated.

An application for extension of time has been filed.

Mr Neeraj Kishan Kaul, learned senior counsel, has pressed the application on the ground of the prevailing situation which has arisen due to the outbreak of Covid-19.

Mr Tejas Karia, learned counsel, has opposed the application. He submitted that his client has an arbitral award in his favour and, hence, no extension of time should be granted.

Having heard the learned counsel, we pass the following order:

(i) The applicant shall deposit an amount of Rupees One Crore before the Registry of the High Court of Judicature at Bombay within a period of one week from today;

(ii) Conditional on the deposit, as stipulated in (i) above, time for deposit of the balance of Rupees Four Crores shall stand extended until 15 June 2020;

(iii) In the event that there is any breach in complying with any of the above directions, the stay which has been granted on the enforcement of the arbitral award shall stand vacated; and

(iv) The amount upon deposit shall be permitted to be withdrawn by the petitioner subject to the terms and conditions a

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s set out in the order dated 4 February 2020. (v) No further extension shall be granted. The Miscellaneous Application is accordingly disposed of.