Exemption allowed subject to all just exceptions.
Application stands disposed of.
ARB. A (COMM) 07/2016
1. The challenge in this petition under Section 37 (2) (b) of the
Arbitration and Conciliation Act, 1996, is to the order dated February 15,
2016, whereby the learned Arbitrator inter-alia, has, allowed the
respondent No.1 and 2 herein, to encash the five bank guarantees, and
ARB. A. (COMM) 07/2016 Page 1 of 17
directed them to deposit the amount of bank guarantees in an escrow
account in a Public Sector Bank and to await the disbursement, subject to
the final Award.
2. According to Mr. A.S. Chandhiok, learned Senior Counsel for the
petitioner, the subject matter of the application under section 17 of the Act
was the following five bank guarantees:-
Source: Indian Kanoon