Case Note & Summary
The appellant, M/s. Jermyn Capital LLC Dubai, filed a miscellaneous application seeking modification of an order dated 09.05.2023 passed by the Supreme Court in Criminal Appeal No. 1434 of 2023. The earlier order had allowed the appeal and set aside the condition imposed by the courts below requiring the appellant to furnish a bank guarantee for release of ₹38.52 crore. The appellant was permitted to withdraw the said amount along with 4% simple interest payable from 08.05.2006 till the date of actual payment. The appellant produced copies of various orders passed earlier by the Securities Appellate Tribunal or by the Supreme Court directing that the sale proceeds, which ultimately aggregated to ₹38.52 crore, be placed in bank fixed deposits to garner a higher rate of interest. The court considered the request and modified the order accordingly.
Headnote
A) Criminal Procedure - Modification of Order - Bank Guarantee Condition - Supreme Court modified its earlier order dated 09.05.2023, setting aside the condition of furnishing a bank guarantee for release of ₹38.52 crore, and permitted the appellant to withdraw the amount along with 4% simple interest from 08.05.2006 till date of actual payment. (Paras 1-2)
Issue of Consideration
Whether the condition of furnishing a bank guarantee for release of ₹38.52 crore should be modified to allow withdrawal without such guarantee.
Final Decision
The application is allowed. The condition of furnishing bank guarantee is set aside. The appellant is permitted to withdraw the amount of ₹38.52 crore along with 4% simple interest from 08.05.2006 till date of actual payment.
Law Points
- Modification of order
- bank guarantee condition
- withdrawal of sale proceeds
- interest rate
