EVEREST INFRA ENERGY LIMITED Vs. TRANSMISSION (INDIA) ENGINEERS

JUDGEMENT

(1.) The applicant seeks review of a judgment and order dtd. 5/3/2021 arising out an arbitration petition filed by the award-debtor (respondent in the present application). The review applicant is the award-holder.

(2.) The alternative prayer of the review applicant is for a direction on the award-debtor to deposit an amount of Rs.1,84,18,301.66 for stay of the operation of the arbitral award dtd. 31/1/2020.

(3.) The judgment and order dtd. 5/3/2021 was passed in an application by the judgment debtor for stay of the award dtd. 31/1/2020. The application was made under Sec. 36(3) of The Arbitration and Conciliation Act, 1996. The application was disposed of by directing the award-debtor (respondent herein) to put in an amount of Rs.1,30,51,678.00 in an interest-bearing fixed deposit within a fortnight from the date of the judgment upon intimation to the Registrar, Original Side of this Court. The award-holder was restrained from taking any steps for execution of the award on the compliance of the directions by the award-debtor.