V. Ramasubramanian, J.—The applicant established a Steel Plant in Andhra Pradesh and entered into an agreement on 7.8.2008 with a company by name Goyal MG Gases Private Limited, for the supply of Oxygen and Nitrogen Gases. Under the said agreement, the applicant was obliged to provide a land on lease to Goyal MG Gases Private Limited, to enable them to design, build, commission and operate a 100 TPD Oxygen Capacity Production Facility and Storage System, by setting up an Air Separation Plant. It was intended that the gas generated from this Air Separation Plant would be supplied by Goyal MG Gases P. Ltd., to the applicant.

2. To enable them to set up the plant, Goyal MG Gases Private Limited appears to have obtained the sanction of a term loan of Rs.30 crores from the Punjab National Bank. It is relevant to note here that in order to enable Goyal MG Gases to repay their loan to the Bank duly and promptly, the agreement dated 7-8-2008 provided for a minimum off take of gas by the applicant, failing which the applicant was obliged to pay the price of such minimum quantity of gas. The sanction of the said loan by Punjab National Bank was on the condition that Goyal MG Gases Private Limited should obtain post dated cheques from the applicant herein towards the cost of supply of gases and deposit the same with the Bank. The post dated cheques were to be for the value of the minimum off take. Therefore, for the purpose of bringing on record the mutual rights and obligations, a tripartite agreement was entered into on 25.5.2009 between Goyal MG Gases Private Limited, the applicant herein and the Punjab National Bank. Under the said agreement, the applicant herein agreed to give 60 post dated cheques of Rs.35 lakhs each.

3. A further agreement known as Escrow Account Agreement was also entered into on 25.5.2009 between all the three parties, for the purpose of enabling the borrower viz., Goyal MG Gases Private Limited to open an escrow account and deposit into the account, all the amounts collected by them. The applicant herein acted as the confirming party to the said agreement.

4. Pursuant to the above agreements, Goyal MG Gases Private Limited also obtained an exclusive license on 22.4.2009 from the concerned Authority. But, unfortunately, the applicant went into difficulties in view of the ban of mining activities in several States. This led to disputes between the applicant and Goyal MG Gases Private Limited.

5. Since the agreements contained a clause for the arbitration, Goyal MG Gases Private Limited filed an application on the file of the Delhi High Court under Section 9 of the Arbitration and Conciliation Act, 1996, seeking an interim order of injunction. By an order dated 26.3.2012, the Delhi High Court granted an interim order in favour of Goyal MG Gases Private Limited, restraining the applicant herein from taking the supply of Oxygen and Nitrogen Gases from any supplier other than Goyal MG Gases Private Limited. The statement that Goyal MG Gases Private Limited will continue to supply gases as per the terms of the agreement and also maintain the pressure of gases, was also recorded in the said order.

6. Thereafter, the dispute between the parties appears to have been referred to an Arbitral Tribunal comprising of Hon’ble Mr. Justice A.S. Anand (Retd.), Hon’ble Mr. Justice Doraiswamy Raju (Retd.) and Hon’ble Mr. Justice R.C. Chopra.

7. During the pendency of the arbitration proceedings, the applicant herein filed an application under Section 9 of the Act, before this Court seeking an interim order of injunction restraining the Goyal MG Gases Private Limited from presenting 33 postdated cheques given by them, till the disposal of the arbitration proceedings. But the said application was dismissed by this Court, on the basis of Section 42 of the Arbitration and Conciliation Act, 1996, in view of the Delhi High Court entertaining the first application under Section 9.

8. It appears that after the dismissal of the application of