S. MURALIDHAR, J.

1. Intertoll ICS Cecons O & M Co. Pvt. Ltd. (‘Appellant’) has in these two appeals under Section 37(2)(b) of the Arbitration and Conciliation Act, 1996 (‘Act’) challenged two separate impugned orders dated 6th February 2012 passed by the arbitral Tribunal (‘Tribunal’) in applications filed by the Respondent National Highways Authority of India (‘NHAI’) under Section 17 of the Act. By the impugned orders the Tribunal directed the Appellant to furnish security either of immovable property or in the form of a bank guarantee (‘BG’) for the satisfaction of the amount of counter claims of the NHAI that may be awarded by the Tribunal. The amount of such security was determined as Rs.2,93,70,70,025 as regards Package-1 and Rs. 32,85,12,572 as regards Package-2.

Background Facts

2. The facts leading to the filing of the present appeals are that pursuant to the bids invited by NHAI for operation and maintenance of four lane highway sections in NH-2 (Delhi Agra-Km 18.80 to Km. 198.00) and NH-24 (Moradabad Bypass Km. 148.43 to Km. 166.65) (‘Package-2’), a joint venture agreement (‘JVA’) was entered into between Intertoll ICS Pvt. Ltd., CE Constructions Ltd., and a