Oral Judgment: (Dr. D.Y.Chandrachud, J.)

1. This Appeal arises from an order of a learned Single Judge of this Court by which a petition under Section 9 of the Arbitration and Conciliation Act, 1996 was allowed. By the order of the learned Single Judge the Appellant, the Board of Control for Cricket in India, has been injuncted from acting on the basis of a termination of 10 October 2010 of a franchise agreement entered into between the parties on 10 April 2008. The order of the Learned Single Judge is subject to several conditions including amongst them (i) That the Respondent shall furnish an unconditional bank guarantee of a nationalized bank to secure the payment of players ’ dues initially in the sum of US $18 million; (ii) The furnishing of an unconditional guarantee of a nationalized bank in the amount of US $3.5 million; (iii) The filing of unconditional personal undertakings guaranteeing the due payment of any amount as may be found on adjudication by any court or tribunal, in the event that the termination is upheld; (iv) A restraint on the disposal of shares of certain companies. In order to appreciate the challenge to the order of the learned Single Judge a re