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MILIND N. JADHAV
Karanja Terminal & Logistics Pvt Ltd – Appellant
Versus
Sahara Dredging Ltd – Respondent
JUDGMENT :
1. The present Commercial Arbitration Petition filed under Section 37(2)(b) of the Arbitration & Conciliation Act, 1966 (for short “the said Act”) challenges the Order dated 02.05.2022 passed by the learned Arbitrator in Section 17 Application filed by Respondent. By the said order, the learned Arbitrator allowed Respondent’s Section 17 Application to the extent of directing the Petitioner (original claimant) to furnish security for the amount of Rs.5,66,30,579/- or provide a bank guarantee of a nationalized bank of the said amount, pending the arbitral proceedings.
2. Interim Application No. 4479 of 2022 is filed for seeking stay on enforcement and implementation of the order dated 02.05.2022 which is the subject matter of challenge in the Arbitration Petition.
3. Arbitration Petition is taken up for final hearing and disposed of by this order.
4. To appreciate the lis between the parties leading to the passing of the impugned order, such of the relevant facts as are relevant are briefly set out hereunder:-
The sufficiency of pleadings in a petition under section 9 of the Arbitration Act and the court's power to grant interim measures to secure a claim, considering the financial condition of the party a....
The discretionary power under section 17 of the A&C Act should be exercised sparingly and not to convert indeterminate and unsecured counter-claims into secure claims.
An arbitral tribunal, while adjudicating an application for interim protection under Section 17, does not determine the lis between the parties.
The court emphasized the need to balance equities between the parties and highlighted the importance of following contractual provisions for submission of the final bill and processing thereof.
The arbitral tribunal has broad powers to issue interim measures under the Arbitration and Conciliation Act, ensuring protection of claims during ongoing proceedings.
The main legal point established in the judgment is the applicability of Section 9 of the Arbitration and Conciliation Act, 1996 to international commercial arbitration, and the court's authority to ....
The main legal point established in the judgment is that the order passed by the Arbitrator under section 17(1)(ii)(b) of the Arbitration and Conciliation Act, 1996 was a proper exercise of jurisdict....
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