( 1 ) IN this petition filed on January 16,1998 under Section 9 (ii) of the Arbitration and Conciliation Act, 1996 (for short act ), it is inter-alia alleged that the petitioner moved A. A. NO. 42/96 under Sections 8 and 11 of the Act. By the order dated October 17,1996 said petition was disposed of and the arbitrators by both the parties were duly appointed. Arbitrators,namely, Justice R. P. Bhat (Retd.) nominee of the petitioner and Sh. V. Kumar, nominee of the respondent in turn appointed and Justice Avadh Behari Rohtagi (Retd.) as the presiding arbitrator. The arbitrators have made the award dated December 31,1997 and have awarded to the petitioner US$ 88,250 together with interest @ 9% p. a. from December 27,1995. Financial interest of the petitioner for that amount needs to be protected. It is prayed that respondent be directed to furnish security for US$ 88,250. 00 plus interest @ 9 % p. a. in terms of the arbitral award dated December 31,1997

( 2 ) IT the reply it is, inter-alia, alleged that the arbitrators after having reached the conclusion that no valid contract was concluded between the parties, ought not have exercised jurisdiction in awarding US$ 88,250 with interest at the exhorbitant rate of 9% p. a. and the respondent has a bonafide ground to challenge the award. It is denied that any order is required to be passed for securing the said amount as claimed.

( 3 ) I have heard the learned counsel of the parties.

( 4 ) UNDER Section 34 of the Act, application for setting aside arbitral award can be filed within three months of the receiving of the arbitral award and therafter delay of 30 days in making such an application can be condoned on sufficient cause being shown by the court. Petitioner has placed on record the photostat copies of the said award alongwith covering letter Annexure-1. Annexure-1 goes to show that a signed copy of the award in terms of Section 31 (5) of the Act was simultaneously sent to the respondent by the arbitrators on December 31, 1997 itself. Respondent being located in New Delhi must have received the copy of the award within 2-3 days of the dispatch thereof by the arbitrators. Admittedly, even after lapse of more than 4 1/2 months of the making of the award the respondent has chosen not to file any application under aforesaid Section 34 of the Act for setting it aside. That being so, respondent cannot resist the present petition on the ground of having a bonafide ground to challenge the award as pleaded in the reply.

( 5 ) THIS brings me to the crucial point if the petitioner by way of interim measure can be granted the relief sought for. Section 9 of the Act under which the petition has been filed, read as under :-

"a party may, before or during arbitral proceedings or at any time after the making of the arbitral award but before it is enforced in accordance with Section 36, apply to a court:- (i) for the appointment of a guardian for a minor or a person of unsound mind for the purpose of arbitral proceedings; or (ii) for an interim measure of Protection in respect of any of the following matters, namely:- (a) the preservation, interim custody or sale of any goods which are the subject-matter of the arbitration agreement; (b) securing the amount in dispute in the arbitration; (c) the detention, preservation or inspection of any property or thing which is the subject-matter of the dispute in arbitration, or as to which any question may arise therein and authorising for any of the aforesaid purposes any person to enter upon any land or building in the possession of any part, or authorising any samples to be taken or any observation to be made, or experiment to be tried, which may be necessary or expedient for the purpose of obtaining full information or evidence; (d) interim injunction or the appointment of a receiver. (e) such other interim measure of protection as may appear to the court to be just and convenient, and the Court shall have the same power for making ord