VISHAL KRISHNA Vs. TRIDENT ARTS

JUDGEMENT

(1.) These appeals arise out of an order by which security has been required to be furnished in respect of a claim proposed to be carried to an arbitral reference by the respondent herein. The appellant says that no grounds were made out for directing any security to be furnished.

(2.) Since the parties, at the request of the Court, have agreed to the form of the order as suggested by the Court, it is not necessary to dilate much into the issues or to confuse the matter even further. It may only be recorded that the parties have agreed to Mr.Justice K.Ravichandrabaabu (Retired) to take up the reference in terms of the arbitration agreement contained in the contract dated June 7, 2019.

(3.) It is also recorded that at the suggestion of the court, the parties have agreed to accept that the appellant herein will invest a sum of Rs.1,00,00,000/- (Rupees One Crore only) by way of a fixed deposit with any nationalized bank and make over the fixed deposit receipt therefor to the Registrar-General of this court within a fortnight from date. The Registrar-General will hold the fixed deposit receipt and, in effect, the fixed deposit together with interest accrued thereon, which will abide by the result of the arbitral proceedings.