NOIDA TOLL BRIDGE COMPANY LIMITED Vs. NIDHI SHARMA

JUDGEMENT

(1.) The present appeal under Sec. 37(2)(b) of the Arbitration and Conciliation Act, 1996 [hereinafter, "Arbitration Act"] is directed against order dtd. 3/3/2023 passed by the Learned Sole Arbitrator under Sec. 17 of the said Act [hereinafter, "impugned order"]. The impugned order directs the Appellant to deposit an FDR for an amount of Rs.5.00 crores with the Tribunal as an interim measure, in order to secure the claims made by the Respondents. FACTS IN BRIEF

(2.) The Appellant, Noida Toll Bridge Company Limited, has been entrusted with the responsibility of maintaining, developing, establishing, financing, designing, and constructing a stretch of 9.5 kilometres of the Delhi-Noida-Delhi ["DND"] Flyway, under a Concession Agreement dtd. 12/11/1997 between Appellant and the New Okhla Industrial Development Authority. In furtherance of their responsibilities, Appellant executed two License Agreements with the Respondents on 23/8/2018 and 1/7/2019, permitting Respondents to display outdoor advertisements on the designated areas of DND flyway for a period of five years, extendable up to two years.

(3.) On 15/11/2022, the Appellant terminated the License Agreements. This termination was to take effect after three months of the termination notice (on 15/2/2023).