CHAGGAN LAL Vs. NAND LAL SHARMA

JUDGEMENT

(1.) This Chamber Appeal has been filed by respondents No.1 and 2 under Rule 5 of Chapter II of High Court of Himachal Pradesh (Original Side) Rules, 1997 (hereinafter referred to as 'Original Side Rules, 1997'), for setting aside order of accepting the solvent security bond, passed by Registrar (Judicial) on 28/8/2020, and also for direction to the petitioners to deposit entire awarded amount in the Registry of this Court.

(2.) Petitioners invoking provisions of Sec. 34 of Arbitration and Conciliation Act (hereinafter referred to as 'Arbitration Act') have filed main petition for quashing and setting aside Arbitral Award dtd. 14/11/2019 passed by the Sole Arbitrator.

(3.) Vide order dtd. 6/3/2020, passed in OMP No.84 of 2020, execution and operation of impugned Award was stayed, subject to deposit of entire awarded amount in the Registry of this Court alongwith up-to-date interest within six weeks from passing the order, or subject to furnishing solvent security bond, equivalent to the aforesaid sum or of a bank guarantee, equivalent to aforesaid sum within the aforesaid period in the Registry of this Court.