1. This appeal is filed under section 37 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as “Act”) challenging the order dated 12th October, 2012 passed by the arbitral tribunal under section 17 of the Act continuing status quo order passed by this court. Some of the relevant facts are:

2. On 10th April, 2008 the franchise agreement was entered into between the parties whereby the respondent was granted a right to own and operate a team in the league subject to the terms and conditions set out therein. On 14th September, 2012 the appellant terminated the said Franchise agreement. The respondent filed Arbitration Petition (L) No. 1238 of 2012 in this court under section 9 of the Act for interim measures. After hearing both the parties, this court passed an order on 1st October, 2012 disposing off the said Arbitration Petition (L) No. 1238 of 2012. The said order was a conditional order granting stay of termination on respondent complying with various conditions including the condition to submit bank guarantee of Rs.100 Crores of a nationalized Bank on or before 9th October, 2012. Time to submit bank guarantee was extended till 12th October, 2012.

3. On