JUDGMENT :

1. The issue in the present application filed by the award-debtor is whether the Award would automatically include interest and would, in turn, have a bearing on the conditions which may be imposed for grant of stay of the Award under section 36 of The Arbitration and Conciliation Act, 1996.

2. The Arbitral Award in the present case is dated 19th May, 2016. The parties to the Award have filed three separate applications including under section 34 of the Act for setting aside of the Award, which are pending before this court. The respondent no. 1 has also filed an Execution Case which is pending as on date.

3. According to the petitioner, the respondent no. 1 is already secured and hence there is no further requirement on the petitioner to provide for security for stay of the Award. The petitioner also resists the prayer of the first respondent to permit encashment of the bank guarantees furnished by the petitioner unless the first respondent is directed to furnish counter guarantees.

4. Learned counsel appearing for the petitioner submits that the Award is for an amount of Rs. 12,90,52,379/- carrying an interest of 18% per annum from the date of Award till realization. Accor