JAKSONS DEVELOPERS PVT. LTD Vs. DELHI DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) This is an appeal filed against the order dated 22.10.2013 passed by the learned arbitrator on an application moved by the petitioner under Section 17 of the Arbitration & Conciliation Act, 1996 (in short the Act). The appellant is aggrieved by the impugned order in as much as the learned arbitrator has rejected its plea for continuing with the injunction granted by this court, on the invocation and consequent encashment of the bank guarantee furnished towards performance security. The bank guarantee furnished by the appellant is of the value of Rs. 9.30 crores.

(2.) In order to appreciate the contours of this appeal, the following broad facts need to be noticed:

(3.) It is in this background that the impugned order came to be passed by the learned arbitrator.