The Supreme Court was today informed by businessman Pramod Mittal that he would deposit Rs 100 crore by April 30 as part-payment of an arbitral award.
A bench of justices J Chelameswar and S K Kaul was apprised by senior advocate Kapil Sibal, representing Mittal, that the businessman would pay Rs 100 crore on or before April 30, 2018, "out of the balance agreed principal amount payable under the award of Rs 751.32 crore".
"On honouring the commitment, the attorney general appearing for the petitioner (State Trading Corporation of India Ltd), states that they would examine the feasibility of settling the balance amount in appropriate installments," the court noted in its order.
Mittal, steel-tycoon Lakshmi Mittal's younger brother, has to pay Rs 751.32 crore to State Trading Corporation of India Ltd (STCI) in pursuance of an award passed in favour of the PSU.
The PSU and the M/S Global Steel Holding Ltd. had been involved in some financial dispute.
The top court has now fixed the matter for further hearing on May 8, when the STCI would be asked as to whether it was agreeable to receive the rest of award amount in installments.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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