JUDGMENT :

Shekhar B. Saraf, J.

1. The petitioner/respondent has filed this petition under Section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the 1996 Act”) along with an application under Section 36 (2) of the 1996 Act being GA No. 1 of 2022 in AP 230 of 2022 praying for stay of the award passed by the arbitral tribunal on December 27, 2021. As per the award, the respondent/claimant is entitled to a refund of Rs. 84.24 Crores which it had deposited with the petitioner on December 27, 2006. The arbitral tribunal also directed to pay the above refund with simple interest at the rate of 6% per annum for the period from the date of deposit to the date of full payment of the said amount. As per the award the petitioner was further directed to pay pendent-lite and future interest at the rate of 9% simple interest per annum from the date of award till the date of payment. However, the pendent-lite interest would apply to the awarded amount in case the same was not paid within three months commencing from the date of the award. Lastly, the Arbitral Tribunal also awarded a sum of Rs. 25,00,000/- towards reimbursement of litigation and arbitral costs.

2. The