The Emergency Arbitrator's decision is binding and enforceable under Section 9 of the Arbitration Act, emphasizing party autonomy and the need for compliance with interim orders.

JUDGMENT :

(Per Arif S. Doctor, J) :

1. The captioned Commercial Arbitration Petition is filed under Section 9 of the Arbitration and Conciliation Act 1996 (Arbitration Act) in which the Petitioner seeks the following reliefs:

“A. Direct Respondents Nos.l-3 to deposit the sum of INR 145 crore being B0% of the Enhanced Call Price determined by the Valuation Report dated 22 January 2024 issued by PwC, with this Hon'ble Court as security, pending the hearing and final disposal of the arbitral proceedings and enforcement of the arbitral award that may be passed therein;

B. In the alternative, direct Respondents Nos. 1-3 to furnish an irrevocable bank guarantee of a nationalized bank, or such other security, in favour of the Prothonotary, Hon'ble Bombay High Court for the sum of INR 145 crore, being 80% the Enhanced Call Price redeemable by the Petitioners upon the issuance of the final award by the arbitral tribunal in SIAC Arbitration No. 80 of 2024 and up to the total sum of any amounts which the tribunal orders the Respondents to pay to the Petitioners;

C. In furtherance of Relief A and B, Order appointment of a Court Receiver or such other person as this Hon'ble Court deems appropriate as Court Receiver, to do all such things including to take possession and control of all the immovable and movable properties, present and future (including general fees, income, rent, revenues, interest, other income, receivables, profits, etc.) of the Respondents including their equity interests in Schedule A and other properties disclosed by the Respondents with full powers under Section 94 and Order XL Rule I of the Code including the power to call for/demand, recover, take possession thereof and to sell the same by public auction or by private treaty and to deposit all receivables/sale proceeds in a separate account to be opened and operated by the Court Receiver to be utilized as a deposit or used as a collateral to procure a bank guarantee to the extent of INR 145 in terms of the directors passed by this Hon'ble Court;

D. In the further alternative, attach all saleable and unsecured assets owned by Respondents Nos. 1-3 or over which Respondents Nos. l-3 exercise a disposing power, whether such assets are movable, immovable, tangible, intangible, including but not limited to securities, bank accounts, investments, valuables etc. upto the value of INR 145 crore;

E. Pass an Order of injunction restraining Respondents Nos. l-3 from, in any manner dealing with, and/or encumbering and/or disposing off, dissipating, and/or creating third party rights and/or alienating any of the moveable or immoveable properties or assets owned or belonging to Respondents Nos. l -3, including the assets listed in Schedule A hereto, standing in the name of Respondents Nos.1-3 or over which Respondents Nos. 1-3 exercise any disposing power;

F. Direct the Respondents to disclose all their assets on oath, including providing further and better particulars as to the movable and immovable properties, along with details of all the Respondents' bank accounts and the monies lying therein, receivables, shares held in any companies and any other interests in any other entity including financial statements and list of all assets of such entities, government securities, bonds, mutual funds or other securities for money, lands, houses or other buildings, goods, money, bank notes, cheques, bills of exchange, properties, valuables, whether tangible or intangible or all other saleable moveable and immovable properties belonging to the Respondents or over the profits of which the Respondents have a disposing power which they may exercise for their own benefit whether the same may be held in the name of the Respondents or held by another person in trust for them or on their behalf;

G. Grant ex-parte ad interim reliefs in terms of prayers (E) and (F) above.”

2. Before, however, adverting to the rival contentions it is necessary to set out the following facts to give context to the rival con