( 1 ) THE petitioner has filed this petition under Section 9 of the arbitration and Conciliation Act, 1996 (hereinafter referred to as the act ) praying a direction on the PWD of Rajasthan State to release a sum of Rs. 1. 33 crores, out of a total escalation of Rs. 4. 51 crores in favour of the petitioner upon the petitioner furnishing security for the same or in the alternative for a direction to place a sum of rs. 1. 33 crores in a secure account till the rights and liabilities of the parties are finally adjudicated upon in the arbitral proceedings.

( 2 ) THE petition has been moved with the averments and allegations that the respondent was awarded the work of widening, strengthening and reconstruction of bhiwadi-Alwar-Karauli-Mandrail Road, (235 km. long) by the Rajasthan, Public works Department in the year 1992. The respondent in turn engaged the petitioner and some other sub-contractors to execute the said work. Petitioner was to do the work of widening, strengthening and reconstruction of road for a length of 77 km, in two stretches, one from km 147 to km 108 and the other from km 8 to km 38 which the petitioner completed to the entire satisfaction of the res