(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This is an application at the instance of the respondents in the First Appeal arising out of a money suit, thereby praying for permission of withdrawal of amount deposited by the appellant as a condition of grant of stay.
It appears that the appellant has deposited a sum of Rs. 6,30,48,172/- which is inclusive of interest and costs, pursuant to the decree impugned.
By this application, respondents of the appeal who were the plaintiffs have prayed for permission to withdraw the said amount on undertaking that they will give a Bank Guarantee in favour of the Registrar, City Civil Court, Ahmedabad for a sum of Rs. 8,00,00,000/-, which will be kept alive during the pendency of the appeal and that such guarantee will be subject to the final decision of this appeal.
After hearing the learned counsel for the parties, we are of the view that having regard to the huge amount involved, and the fact that the plaintiffs are companies doing business, no purpose will be served by keeping the said amount in fixed deposit in any Nationalised Bank.
In such circumstances, we permit plaintiff/respondent No.2 to withdraw the amount provided it gives a Bank Guarantee of a Nationalised Bank for an amount of Rs. 8,00,00,000/- and the Guarantee should remain in full force upto one year and ten days from the date of issuance of Bank Guarantee, and that the same cannot be invoked otherwise than by a written demand or an Order served on the Bank, and if the concerned First Appeal No. 544 of 2009 is not disposed of within the said period of one year and ten days, the Bank should also undertake in the Guarantee in favour of the Registrar, City Civil Court, Ahmedabad, to renew and/or to extend the said Guarantee for a further period till the First Appeal No. 544 of 2009 is disposed of by this Court.
We, therefore, dispose of this application by passing the aforesaid order. Let the copy of the proposed Bank Guarantee submitted by Mr. Mihir Thakore, the learned Senior Advocate for the respondent No.2 be kept with the record, and the concerned Bank should give Guarantee in terms of the aforesaid proforma. A true copy of the Bank guarantee furnished should also be provided to the learned Advocate for the appellant.
(Bhaskar Bhattacharya, Actg. C.J.) (J.B.
Pardiwala, J.) */Mohandas Top