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Judgment
This is an application under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside of the award dated February 6, 2018, passed by
the sole Arbitrator. The present petitioner was the claimant in the arbitral proceedings and by the impugned award the Arbitrator rejected all the
claims of the present petitioner and allowed the counter-claim of the present respondent, also the respondent in the arbitral proceeding.
The learned arbitrator has directed the present petitioner to pay Rs.1,54,00,000/- (Rupees One Crore Fifty Four Lakh Only) to the respondent.
Although, in the present case, it appears that the arbitral proceeding commenced before October 23, 2015 but in view of the decision of the Supreme
Court in the case of Board of Control for Cricket in India vs. Cochi Cricket Pvt. Ltd., reported in (2018) 2 Arb.LR 170(SC), the provisions
incorporated in subSection (3) of Section 36 of the Act of 1996 are squarely applicable to the arbitral proceedings which commenced before the
amending Act came into force.
Accordingly, subject to deposit of the aforementioned amount of Rs.1,54,00,000/- (Rupees One Crore Fifty Four Lakh Only) by the present petitioner
with the Registrar, Original Side of this Court within a period of two weeks from date, the impugned Award dated February 6, 2018 shall stand stayed
till the disposal of this application.
The Registrar, Original Side shall invest the aforementioned deposit by the petitioner in a short-term fixed deposit maintained with United Bank of
India, High Court Branch and shall keep the said deposit renewed time to time until further order.
It is made clear that in the event of any failure on the part of the present petitioner to deposit the aforementioned amount of Rs.1,54,00,000/- (Rupees
One Crore Fifty Four Lakh Only) with the Registrar, Original Side of this Court, as directed above, the respondent shall be free to execute the Award.
Let the respondent file its affidavit-in-opposition to this application within three weeks from date. Reply, if any, thereto be filed within two weeks
thereafter. Let the application AP No. 302 of 2018 appear in the monthly list of August, 2018.
Urgent certified wesbsite copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities. All parties,
including the Registrar, Original Side of this Court and the concerned bank shall act on a certified website copy of this order subject to compliance
with all requisite formalities.