JUDGMENT

1. Heard. Rule. The learned advocate Mr. G.K. Naik-Thigle waives service for the respondent. On the request of the parties the matter is heard finally at the stage of admission.

2. By invoking the powers of this Court under Article 226 and 227 of the Constitution of India, the petitioners are challenging the order passed by the District Judge-2 in Civil Misc. Application No. 217/2020 a proceeding filed by them under Section 34 of the Arbitration and Conciliation Act, 1996, (hereinafter 'the Arbitration Act'), whereby the application (Exh. 11) filed by them, seeking stay to the execution and operation of the Arbitral Award dated 30.01.2019 has been stayed, however, with a condition of depositing 60% of Rs. 32,62,48,730/- with interest at the rate of 12% from the date of award and further direction to furnish security for the balance amount.

3. The parties had entered into three agreements whereby the respondent firm had undertaken the work of transportation of food grain against specified charges during the period from 01.04.2001 to 31.05.2006. The dispute occurred in respect of the incremental escalation in transportation charges from year to year. The parties went to Arbitra