Kolkata, The Calcutta Excessive Courtroom on Thursday refused to entertain the WBIDC’s prayer for an unconditional keep of an arbitration award in favour of Tata Motors over a dispute relating to land allotted for establishing a automobile manufacturing unit in Singur.
The courtroom imposed a number of phrases and situations on award-debtor West Bengal Industrial Growth Company Ltd for imposing a keep on the arbitration award handed on October 30, 2023.
Passing the judgment, Justice Aniruddha Roy famous that the disputes between WBIDC and Tata Motors arose with regard to allotment of land for establishing a automobile manufacturing unit at Singur in West Bengal’s Hooghly district, for which land was supplied by applicant WBIDC.
Following a protracted anti-land acquisition agitation led by the then opposition chief Mamata Banerjee, Tata Motors left Singur to arrange the Nano automobile plant in Gujarat’s Sanand in October 2008.
An arbitration tribunal on October 30, 2023, made an award in favour of Tata Motors for an mixture sum of ₹765.78 crores together with curiosity on the charge of 11 per cent every year.
WBIDC challenged this award within the excessive courtroom and prayed for an unconditional keep of its operation.
The courtroom famous that the award-debtor/applicant is a authorities firm through which the state is a stakeholder.
Within the judgment, Justice Roy imposed sure phrases and situations on WBIDC for the keep of the award.
He directed that after calculating the complete principal and curiosity quantity beneath the award as on the date of judgment , WBIDC will furnish an enterprise by means of an affidavit inside eight weeks, together with particulars of immovable properties owned by it in Kolkata and elsewhere, that are free from any encumbrances, with copies of the supportive title deeds/paperwork.
Justice Roy directed that the enterprise should state that if the arbitral award is upheld, WBIDC pays the complete awarded quantity – each principal and curiosity, inside eight weeks from the date the award turns into remaining.
The courtroom directed that within the occasion it’s discovered that the safety within the type of immovable properties isn’t ample to cowl the complete awarded sum or any half thereof, WBIDC will furnish money safety to safe the mentioned extra awarded quantity inside eight weeks.
The courtroom ordered an unconditional keep of the award for eight weeks, and thereafter, if the enterprise isn’t filed earlier than the Registrar, Unique Aspect, Excessive Courtroom, or the money safety isn’t deposited because the case could also be throughout the eight-week interval, the keep will robotically be vacated.
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