HARSHVARDHAN METALS LTD & ANR vs ISF COMMODITIES(P) LTD

Judgment text excerpt

$~15 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Decision: 02.05.2025 + O.M.P. (COMM) 351/2020 & I.A. 14444/2021, I.A. 542/2024 HARSHVARDHAN METALS LTD & ANR. .....Petitioners Through: Mr. Tanmay Mehta, Mr. Rahul Shukla, Ms. BB Shukla, Mr. Ramandeep Singh, Advs. versus ISF COMMODITIES (P) LTD .....Respondent Through: Dr. Anurag Kr. Agarwal, Mr. Praveen Kumar, Mr. Prateek Agarwal, Advs. CORAM: HON'BLE MR. JUSTICE JASMEET SINGH : JASMEET SINGH, J (ORAL) I.A. 1298/2020 - DIRECTIONS TO PETITIONERS TO DEPOSIT THE AWARDED AMOUNT 1. This is an application filed under Section 151 of the Code of Civil Procedure, 1908 on behalf of the respondent seeking for directions to petitioners to deposit the awarded amount. 2. Dr. Agarwal, learned counsel appearing on behalf of the respondent, relies upon Bye-Laws 15.40 of the Multi Commodity Exchange of India Ltd. (“MCX”), which reads as under: Digitally Signed By:DEEPANSHU MALASI Signing Date:14.05.2025 I.A. 1298/2020 in O.M.P. (COMM) 351/2020 Page 1 of 8 20:38:17 “15.40 Right to Appeal 15.40.1. Award final and Additional Risk Containment Measure Applicable: A party to a reference who is dissatisfied with an award of the arbitral tribunal may appeal to the competent court of jurisdiction as provided in the Arbitral and Conciliation Act. The award shall be final under these Bye-Laws and Regulations of the Exchange and vis-a-vis the Exchange in terms of any action, which is required to be initiated, as may be provided for in the Bye-Laws or notifications issued from time to time. Provided that the party to the reference shall be required to deposit the amount of award with the Exchange before filing the appeal and such amount shall be kept with the Exchange in abeyance and shall be disposed of eventually as per the direction of the Co