RAJIV SAHAI ENDLAW, J.

1. The claim of each of the decree holders in the two executions and the petitioner/relator in the CCP, in these three matters taken up together, is for the monies, earlier in the bank account of M/s. Meetco (London) Ltd. (hereinafter called Meetco) with Bombay branch of Bank of Baroda, respondents/alleged contemnors in the CCP (hereinafter called Bank). The two decree holders and the petitioner/relator in the CCP claim preference to the said monies, in satisfaction of their respective claims against Meetco. What falls for adjudication is inter alia, the priority of their respective claims and the effect of attachment before judgment and axiomatically whether the same has any preference over attachment and/or payment in execution.

2. Proceeding chronologically, the Special Organizing Committee for the 9th Asian Games, 1982 (hereinafter called SOC) on or about 2nd November, 1982 instituted CS(OS) No.1475-A/1982 under Section 20 of the Arbitration Act, 1940 inter alia against Meetco, averring that disputes and differences had arisen between them with respect to an agreement containing an arbitration clause and for appointment of the arbitrator. It was