Bombay High Court
ASIANET SATELLITE COMMUNICATIONS PVT LTDversusNAAPTOL ONLINE SHOPPING PVT LTD
- Decided
- Disposal
- DISPOSED OFF
Holding
The Court allowed the withdrawal of Rs.14.08 crore with interest upon the Applicant furnishing an unconditional bank guarantee for an equivalent amount.
Summary
Asianet Satellite Communications Pvt Ltd (Applicant) filed an interim application seeking to withdraw Rs.14.08 crore, along with accrued interest, that had been deposited with the Court pursuant to an earlier order in Arbitration Petition No. 54 of 2026. The Applicant offered to provide an unconditional bank guarantee from Federal Bank in lieu of the deposited amount, while the Petitioner, Naaptol Online Shopping Pvt Ltd, consented to the withdrawal provided satisfactory security was furnished. The Court examined whether the withdrawal could be allowed without prejudice to the parties' rights and whether a bank guarantee would adequately protect the Court's interests. Relying on the parties' agreement and the adequacy of the proposed security, the Court permitted the withdrawal subject to the guarantee. The Applicant was also directed to keep the guarantee alive until further orders, and the interim application was disposed.
Issues considered
- Whether the Applicant may withdraw the amount deposited with the Court subject to furnishing an unconditional bank guarantee.
- Whether such withdrawal can be effected without prejudice to the rights and contentions of the parties in the arbitration petition.
Subjects
- Arbitration
- Interim Application
- Bank Guarantee
- Withdrawal of Deposit
- Commercial Division
- High Court of Bombay
Judgment
27-IA-2384-2026.DOC
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
INTERIM APPLICATION NO. 2384 OF 2026
IN
COMM ARBITRATION PETITION NO. 54 OF 2026
Asianet Satellite Communications Pvt Ltd ...Applicant
In the matter between
Naaptol OnLine Shopping Pvt Ltd ...Petitioner
Versus
Asianet Satellite Communications Pvt Ltd …Respondent
Mr. Karl Tamboly (through VC), with Kaizad Dalal and Srejeta Datta,
i/b Wadia Ghandy & Co, for the Applicant in IA/2384/2026
and for the Respondent in CARBP/54/2026.
Mr. Zal Andhyarujina, Senior Advocate, with Akanksha Agrawal,
Chakrapani Misra and Vasundhara Singh, i/b Khaitan and Co,
for the Respondent in IA/2384/2026 and for the Petitioner in
CARBP/54/2026.
CORAM: N. J. JAMADAR, J.
DATE : 19th AUGUST 2026
ARUN
RAMCHANDRA
SANKPAL P.C.:
Digitally signed by
ARUN
RAMCHANDRA
SANKPAL
Date: 2026.08.21
INTERIM APPLICATION NO. 2384 OF 2026:
14:11:41 +0530
1. Heard the learned Counsel for the parties.
2. The learned Counsel for the parties submit that the parties have
arrived at an understanding as to the disposal of the Interim Application
ARS 1/3
27-IA-2384-2026.DOC
in regard to the withdrawal of the amount deposited by the Petitioner-
the Award Debtor.
3. The learned Counsel for the parties seeks leave to tender the
Minutes of Order signed on behalf of the parties.
Leave granted. Minutes of Order are taken on record.
4. Interim Application No. 2384 of 2026 stands disposed in
accordance with the Minutes of Order, which read as under:
“MINUTES OF THE ORDER
1. The Applicant has filed the captioned Interim
Application inter alia for seeking withdrawal of an amount of
Rs.14.08 crores deposited by the Petitioner with this Court
pursuant to the order dated 8th October 2025 passed by this
Court in Commercial Arbitration Petition No. 54 of 2026.
2. The learned Counsel for the Applicant submits that the
Applicant be permitted to withdraw the amount deposited
along with the interest if any accrued thereon against
furnishing of a unconditional bank guarantee from Federal
Bank in favour of the Prothonotary and Senior Master of this
Court.
The learned Counsel for the Petitioner states that the
Petitioner has no objection to the withdrawal of the said
amount subject to the Applicant furnishing sufficient security
for the same to the satisfaction of this Court.
ARS 2/3
27-IA-2384-2026.DOC
3. In view of the above, the Applicant is permitted to
withdraw the amount of Rs.14.08 Crores lying deposited with
the Prothonotary and Senior Master of this Court, along with
any interest accrued thereon up to the date of withdrawal,
subject to the Applicant furnishing an unconditional bank
guarantee issued by Federal Bank, in favour of the
Prothonotary and Senior Master of this Court for an amount
equivalent to the amount withdrawn.
4. The Applicant undertakes to keep the aforesaid bank
guarantee alive, renew and valid the same until further orders
of this Court.
5. The withdrawal against bank guarantee shall be
without prejudice to the rights and contentions of the parties
in the captioned petition.
6. The captioned Interim Application stands disposed of in
terms of the above.”
5. Application disposed.
COMM ARBITRATION PETITION NO. 54 OF 2026:
6. Post the Petition on 23rd September 2026.
[N. J. JAMADAR, J.]
ARS 3/3
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