JUDGMENT :

R.D. Dhanuka, J.

1. By these two Appeals filed under Section 37 of the Arbitration and Conciliation Act, 1996 (for short ‘the Arbitration Act’), the appellants (original respondents) have impugned the order dated 10th December, 2020 passed by the learned Single Judge directing the appellants to deposit with the Prothonotary and Senior Master of this Court an amount of Rs.35.5 crores and Rs.47.41 crores respectively within eight weeks from the date of the said order or in the alternate to furnish a bank guarantee of any nationalized bank for the entire amount along with all interest earned thereon.

2. The learned Single Judge has also directed the appellants to make an affidavit of disclosure of movable and immovable assets including monthly receivable, without exception including financial investments, all liabilities including the nature of encumbrances, if any. The learned Single Judge has granted an injunction against the appellant from disposing of, alienating, transferring or parting with possession or creating any third party rights over any of its assets, except in the ordinary and usual course of its business.

3. By consent of parties, both these Appeals were heard t