9911796707
TMI Blog2009 (2) TMI 881X X X X Extracts X X X X X X X X Extracts X X X X ..... l Bhawan Bhopal under section 33 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act of 1996 ). An application under section 19 of the Micro, Small and Medium Enterprises Development Act, 2006 (hereinafter referred to as the Act of 2006 ) read with section 151 of the Civil Procedure Code had been filed seeking exemption/waiver from depositing 75% of awarded amount. Notice had been issued to respondent No. 1 who had preferred objection thereto. During the pendency of the petition respondent No. 1 approached the Collector, Singrauli seeking recovery of ₹ 9,99,693/- along with interest thereon from the petitioner. Recovery Certificate dated 6-11-2008 has been issued by the Collector and forwarded to the Dy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rant waiver as provided in section 19 of the Act of 2006. He has further submitted that the proviso to section 19 deals with question whether the deposited amount to be paid to the supplier or not pending disposal of the application to set aside the award or order. The Act of 2006 has been enacted with a view to extend support for the small enterprises so that they are able to grow into medium ones, adopt better and higher levels of technology and achieve higher productivity to remain competitive in a fast globalization area. The Act is intended to provide single legal framework to small and medium enterprise sector. Intention is also to make further improvements as to the Interest on Delayed Payments to Small Scale and Ancillary Industr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the manner directed by such Court, deposit of 75% in the manner directed by the Court is mandatory requirement. Proviso to section 19 empowers the Court to pass appropriate orders with respect to disbursement of the amount to the supplier on condition, as it considers reasonable under the circumstances of the case to impose. The words used in section 19 in the manner directed by the Court cannot be interpreted so as to dilute the very requirement of deposit of 75% amount itself. The manner of depositing 75% of amount has to be as ordered by the Court. In the circumstances 75% of the amount inclusive of interest is ordered to be deposited as that is pre-condition envisaged under section 19 of the Act of 2006. Let it be deposited within ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
