Navalikishore Bhartia and Anr Vs. State of Maharashtra and Anr  Insc 289 (25 February 2008)
Sinha & V.S. Sirpurkar
O R D
E R CIVIL APPEAL NOS. 1580-81 OF 2008 [Arising out of SLP (C)
appeal is directed against the judgment and order dated 20/8/2007 passed by the High Court of Judicature at Bombay, Nagpur Bench, in Civil Application
Nos. 5319/2007 & 4448/2007 in First Appeal No. 541/2007 whereby and whereunder
following interim order was passed:
The respondents are permitted to withdraw the amount of Rs. 5 crore by
furnishing bank guarantee of any nationalised bank in respect of 50% of the
said amount and security in respect of the balance amount.
The respondents shall keep the bank guarantee alive during the pendency of
First Appeal No. 541/07 and for a period of 3 months thereafter.
In the event the appeal filed by the appellants is wholly or partly allowed,
the respondents shall return the amount due to the appellants and deposit the
same in this court within a period of eight weeks from the date of the judgment
with interest thereon at the rate of 9% p.a. and the respondents shall file
undertaking to that effect before withdrawal of the amount.
The Registry shall invest the balance amount of Rs. 5,86,17,333/- in any nationalised
bank initially for a period of 37 months and shall renew the same for equal
periods till the disposal of the appeal."
us, when the matter came up for preliminary hearing, a statement was made by
the learned senior counsel appearing on behalf of the appellants that they were
ready and willing to furnish the bank guarantee and/or surety to the
satisfaction of the High Court in the event the amount deposited by the State
is directed to be released.
heard the learned counsel for the parties, we direct that the balance amount
may be permitted to be withdrawn by the appellants in the event they furnish
bank guarantee therefor to the satisfaction of the High Court.
appeals are disposed of with the aforementioned direction.