The Calcutta High Court has dismissed an appeal filed by TMT maker SRMB Srijan Ltd challenging an arbitral award in favour of Great Eastern Energy Corporation.

In a separate order, the HC has also injuncted SRMB from selling, transferring, alienating or creating third party interest on a set of immovable properties and restrained from operating bank accounts to the extent of ₹106 crore —the award amount.

The court has also asked SRMB to file an affidavit of assets following the execution petition filed by coal bed methane producer GEECL.

Sources in GEECL said the company has sought court’s permission to withdraw ₹15 crore deposit made by SRMB, which is with the registrar of the court, as an initial part of the process of recovering the full award amount.

SRMB director Ashish Beriwala, however, expressed confidence in the merit of the company’s case. “We will file an appeal in the division bench. We have a strong case,” Beriwala said this evening.

The dispute between GEECL, which produces CBM from Ranigunj field, and SRMB, is linked to a gas sale and purchase agreement executed on May 11, 2011 to supply CBM till April 30, 2034. The dispute arose in 2014 when SRMB terminated the contract alleging stoppage of gas supply. Arbitral panel in June 2022 held the termination of the GSPA to be wrongful.