Kolkata: The Supreme Court has dismissed Bengal govt's review petition regarding the arbitral award of over Rs 2,000 crore to a TCG firm, Essex Development. A bench of CJI Sanjiv Khanna and Justice Sanjay Kumar gave the order last week.
Earlier, a bench comprising the CJI and Justice Sanjay Kumar had upheld Calcutta High Court's July 12, 2024 order in which it refused to stay the arbitral award, asking the state to deposit approximately Rs 2,063 crore in favour of Essex Development Investments (Mauritius) Limited.
"We carefully perused the review petition as well as the grounds in support thereof. In our considered opinion, no case for review of the order dated Nov 11, 2024, is made out. The review petition is, accordingly, dismissed," the CJI-led bench said.
The dispute pertains to the payment of an assured tax incentive to Essex, which purchased Bengal govt's shares in Haldia Petrochemicals Ltd as per a share purchase agreement.
The SC bench was hearing the appeal by state govt and West Bengal Industrial Development Corporation Limited against the HC judgment of Sept 18, 2023.