ORDER :

B. Krishna Mohan, J.

CRP No. 489 of 20201 :

This Civil Revision Petition arises against the Order in I.A.No.222 of 2019 in C.A.O.P.No.12 of 2019 on the file of the Special Judge for Trial and Disposal of Commercial Disputes, Visakhapatnam dated 20.12.2019 allowing the petitioner to with draw 25% of the deposited amount out of 75% of the awarded amount deposited in the Court without furnishing any security and the remaining amount to be withdrawn on furnishing bank guarantee with an undertaking to repay the said withdrawal amount subject to outcome of the Judgment and Decree in CAOP No.12 of 2019 pending before the trial Court.

2. Heard the learned counsel for the petitioner and the learned counsel for the respondent No.1.

3. The petitioner herein is the petitioner in the interlocutory application and the 1st respondent in the CAOP No.12 of 2019 before the trial Court. The respondents herein are the respondents in the interlocutory application and the 1st respondent herein is the petitioner in CAOP No.12 of 2019 before the Court below.

4. The 2nd respondent herein is only the proforma party.

5. It is the case of the petitioner herein that it has filed I.A.No.222 of 2019 in CAOP NO.12 of 2019 on the file of the Special Judge for Trial and Disposal of Commercial Disputes, Visakhapatnam under Section 19 of Micro, Small and Medium Enterprises Development Act, 2006 R/W Section 151 of C.P.C., seeking an order of payment of Rs.1,85,33,990.86 ps. (Rupees one Crore eighty five lakhs thirty three thousand nine hundred ninety and eighty six paise only) to the credit of its current account No.32282344011 of State Bank of India, Dwarakanagar Branch, Visakhapatnam pending disposal of the main application of the 1st respondent herein in CAOP No.12 of 2019 filed under Section 34 of the Arbitration and Conciliation Act, 1996. The petitioner herein averred that the 1st respondent herein filed the above said CAOP before the trial Court to set aside the award passed by the 2nd respondent herein in the proceedings No.21C/IFC/12926 dated 22.11.2018 and the same is pending. While so, the trial Court directed the 1st respondent to deposit 75% of the awarded amount before 30.07.2019 vide its Order in I.A.No.01 of 2019 in CAOP No.12 of 2019. Accordingly, the 1st respondent herein has deposited initially an amount of Rs.1,63,16,833.86 ps (Rupees One Crore sixty three lakh sixteen thousand eight hundred thirty three and eight six paise only) purported to be an equivalent amount for the 75% of the awarded amount. Since it is not an equivalent to the 75% of the awarded amount, the petitioner herein raised the said objection claiming the balance amount of Rs. 22,70,157/-(Rupees Twenty two lakh seventy thousand one hundred and fifty seven only) to be deposited by the 1st respondent herein and the same was considered and directed it to be paid a sum of Rs.22,17,157/- instead of Rs.22,70,157/-by the trial Court in it’s order. Then the 1st respondent herein deposited a further sum of Rs.22,70,157/-. With that a total sum of Rs.1,85,33,990.86 paise is lying with the credit of the trial Court, instead of Rs.1,85,86,990.20 paise towards an equivalent amount of 75% of the awarded amount payable by the 1st respondent herein. The deposit of 75% of the awarded amount is a condition precedent to maintain an application under Section 34 of the Arbitration and Conciliation Act. Hence it has deposited the above said amount in CAOP No.12 of 2019 before the trial Court. It is further averred that as the petitioner herein is also entitled for the interest amount as per the award till its realization under the Micro, Small and Medium Enterprises Development Act, it has prayed through the above said I.A., before the trial Court seeking to pass an order of depositing of Rs.1,85,33,990.86 (Rupees One crore eighty five lakh thirty three thousand nine hundred ninety and eighty six paise only) to the credit of the petitioner’s account pending disposal of the main CAOP No.12 of 2019