OCD-1 & 2 IN THE HIGH COURT AT CALCUTTA ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL DIVISON IA NO. GA-COM/1/2025 In AP-COM/1005/2024 STEEL AUTHORITY OF INDIA LIMITED Vs PRIMETALS TECHNOLOGIES INDIA PVT. LTD. AND ANR. AND IA NO. GA-COM/2/2025 In AP-COM/1005/2024 STEEL AUTHORITY OF INDIA LIMITED Vs PRIMETALS TECHNOLOGIES INDIA PVT. LTD. AND ANR. BEFORE: The Hon'ble JUSTICE SHAMPA SARKAR Date : 24th April, 2025. Appearance: Mr. Rajesh Markanda, Adv. Mr. Ayan Chakraborty, Adv. Ms. Sohini Mukherjee, Adv. . . .for the petitioner in GA-COM 1 of 2025 & GA-COM 2 of 2025 Mr. Chayan Gupta, Adv. Mr. Deep Raj Basu, Adv. . . .for the respondent. The Court: GA-COM 1 of 2025 and GA-COM 2 of 2025 are taken up together as the prayers and facts are similar. The award-holder/respondent nos. 1 and 2 in AP-COM 1005 of 2024, have filed these applications with a prayer for withdrawal of the fixed deposits made by the award debtor to the tune of Rs. 2 crores in respect of the respondent no.1 and Rs.4 crores in respect to the respondent no.2. The Court had directed that the fixed deposits shall be deposited with the learned Registrar, Original Side, 2 High Court Calcutta and upon furnishing such security, the enforcement of the award was stayed. It is submitted that the fixed deposits have been made. Considering the prayers for withdrawal of the amount that was deposited, this Court deems it fit to allow the prayer for withdrawal / encashment of the fixed deposits on condition that counter guarantees of like amount each shall be furnished by the respondent no.1 and 2 separately. Each of the respondents shall furnish bank guarantee to the satisfaction of the learned Registrar Original Side of equivalent amount which was deposited in their favour by the award debtor, by way of fixed deposits. The Registrar, Original Side, shall allow withdrawal of the fixed deposits by the respondent, upon the bank guarantees being furnished and allow the respondents to withdraw the amount. Needless to mention that, the format for such renewable bank guarantee shall be provided by the Registry and all other formalities shall be completed by the respondents. It is made clear that the bank guarantees shall be kept renewed till the disposal of the application under Section 34 of the Arbitration and Conciliation Act, 1996. IA No. GA-COM/1/2025 and IA No. GA-COM/2/2025 are, accordingly, disposed of. (SHAMPA SARKAR, J.) sp/