DSC LIMITED Vs. RAIL VIKAS NIGAM LIMITED

JUDGEMENT

(1.) Shorn of verbiage, the present petition is directed against release of monies which stand deposited with this court. The monies came to be deposited, post encashment of bank guarantees initially furnished by respondent nos. 2 and 3.

(2.) The attempt is to preserve, by this action preferred under Section 9 of the Arbitration & Conciliation Act, 1996 (in short the Act), the money lying deposited with this court in the form of fixed deposit receipts, pending the petitioner seeking access to arbitration. The purported ground pressed for seeking injunction against release is "special equities". The learned senior counsel for the petitioner wisely steered clear of alleged fraud, which fleetingly though, finds mention in the petition, albeit without any material particulars.

(3.) Therefore, I am called upon to examine as to whether this is a case fit to invoke the exception of special equities, in the background of the following brief facts: Before I proceed further, I must indicate for the sake of convenience, I would hereinafter, be referring to, the petitioner as DSCL, and respondent no. 1, i.e, Rail Vikas Nigam Limited, as RVNL.