NATRIP IMPLEMENTATION SOCIETY Vs. IVRCL LIMITED

JUDGEMENT

(1.) The appellant (hereafter "NATRIP") has filed the present appeal under Section 37(2) of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act') impugning the order dated 21.05.2016 passed by the Arbitral Tribunal (hereafter 'the impugned order').

(2.) By the impugned order, the Arbitral Tribunal (hereafter "the Tribunal") had rejected NATRIP's application dated 22.04.2016 whereby it had prayed that the amounts claimed by it in its counter claim be secured by way of sufficient security or by bank guarantee.

(3.) Natrip had invited bids for construction of Automotive Test Tracks at Natrax - Pithampur and GARC - Chennai (hereafter 'the project'). The tracks at GARC - Chennai and Natrax -Pithampur were to be completed by September 2011 and September 2012 respectively.