Case Note & Summary
The dispute arose from a financial matter involving the appellant, M/S. Jermyn Capital LLC Dubai, and the Central Bureau of Investigation. The appellant sought modification of a Supreme Court order dated 09.05.2023, which had allowed the appeal but imposed a condition requiring a bank guarantee for the release of ₹38.52 crore. The appellant presented various orders from the Securities Appellate Tribunal and the Supreme Court, which directed that the sale proceeds be placed in fixed deposits to earn higher interest. The court reviewed these orders and decided to modify the earlier ruling. The final order allowed the appellant to withdraw the funds unconditionally, along with the interest accrued from the fixed deposits. The court concluded that the previous condition of a bank guarantee was no longer necessary, thus modifying the order accordingly. The application for modification was allowed, and the matter was disposed of as per the modified terms.
Headnote
A) Civil Procedure - Modification of Court Order - Withdrawal of Funds - Supreme Court of India, 2023 - The appellant sought modification of a prior order requiring a bank guarantee for fund release. The court allowed the modification, permitting unconditional withdrawal of the amount along with accrued interest. Held that the previous conditions were no longer necessary (Paras 1-3).
Issue of Consideration
Whether the condition imposed on the appellant to furnish a bank guarantee for the release of funds should be modified.
Final Decision
The Supreme Court allowed the modification of the order, permitting the appellant to withdraw the amount of ₹38.52 crore along with accrued interest without the need for a bank guarantee.
Law Points
- Modification of court order
- withdrawal of funds
- bank guarantee
- interest on deposits
