Full Order Text
Order 1 · 30 Oct 2023 · CNR DLND010092382023
Order Details: COPY OF JUDICIAL PROCEEDINGS Pdf Text: OMP (COMM.) No. 145/2023 India Trade Promotion Organisation v/s Dexter 23 Building Solutions and anr 30.10.2023 Fresh Petition received by way of allocation. It be checked and registered. Present: Sh. Piyush Sharma, Sh. Suresh Garg, Sh. Anuj Sharma and Sh. Shivam Dubey, ld. Counsels for petitioner. Along with the petition, an application under Section 36 (2) & (3) of the Act is moved seeking stay of the impugned award dated 10.07.2023. It is stated that petitioner has a good case on merits. The balance of convenience also lies in favour of the petitioner. I have considered the submissions. As per Section 36 of the Arbitration and Conciliation Act, 1996, as a mandate by the Act of 2015, the application for grant of stay in the case of Arbitral award for payment of money, the provisions of CPC 1908 are applicable. As per Order 21 Rule 5, CPC, the applicant has to deposit security for the performance of the money decree and the court cannot grant stay unless the security is furnished. Therefore, it is incumbent on the objector to furnish security for stay of the execution of the arbitral award. Taking into consideration on the facts & circumstances, the impugned award is stayed till NDOH, subject to the petitioner -- 1 of 2 -- 2 depositing in the Court 100% of the Principal awarded amount in the form of the FDR in the name of the Court within 4 weeks from today. Let notice of the petition be issued to the respondent through all permissible modes on filing of PF/RC and all other modes, returnable for 08.01.2024. Arbitral record be also requisitioned on filing of PF. VINEETA GOYAL District Judge (Commercial Court-03) PHC / New Delhi / 30.10.2023 -- 2 of 2 --