MANMOHAN SINGH, J.

1. The present petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 (for short, called "the Act"), pending arbitration, seeking interim protection by way of an ex-parte ad-interim order directing the respondent to furnish reasonable security in the sum of Rs.2,007,251,671/-. The petitioner was also seeking an ex parte ad-interim order restraining the respondent from selling, transferring or otherwise alienating or creating any third party interest in its spectrum in the States of Bihar, Gujarat, Haryana, Madhya Pradesh, UP (East) and UP (West) circle. The same has already been sold to a third party on 24th May, 2016 as admitted by the parties. The respondent even prior to the filing of the petition had informed the petitioner by way of communication that the respondent is discontinuing its mobile services with effect from 31st May, 2016, after selling its entire spectrum in all six circles to Bharti Airtel Limited.

It is submitted by the petitioner that if the amount is not secured during the pendency of arbitral process, there is every possibility that the award which it may obtain would result in a paper decree or a decree which cannot be enforced on account of the financial inability of the respondent to satisfy the decree.

2. The petitioner-Company is a "Telecom Infrastructure Service Provider", who provides passive telecom infrastructure in the shape of mobile towers to its customers for providing the communication services to the public at large throughout India. The respondent is a Telecom Operator and is one of the customers of the petitioner.

3. The petitioner and the respondent have entered into two ‘Passive Infrastructure Sharing Agreements’.

The petitioner submits that the respondent owes a whopping sum of approximately Rs.3,597,451,671/-. Out of the aforesaid amount, an amount of Rs.2,007,251,671/- is outstanding for the services provided by the petitioner under the Passive Infrastructure Sharing Agreements entered between the parties. A sum of Rs.159.02 crore is also outstanding on account of loss of revenue. The aforesaid sum of Rs.2,007,251,671/- includes an amount of Rs.79,10,09,084/- towards the Exit Fee claimed against the respondent. Despite of the petitioner having provided the aforesaid infrastructure services to the respondent, the outstanding dues have yet not been paid by the respondent. The respondent, who is in continuous default of its obligations under the Agreements, at all material times, has been acknowledging its liability to pay the outstanding amount without raising any defence whatsoever. Even if there are disputes in terms of the contract which are the subject matter of the arbitration proceeding, at least to the extent of the amount which are admittedly due and payable to the petitioner, and against which the respondent has no tenable defence at all under the Agreement, should be secured by an interim order in favour of the petitioner.

4. Details of the Agreements

(i) On 1st November, 2008, a Passive Infrastructure Sharing Agreement (“QTIL MSA”) was entered into between Quippo Telecom Infrastructure Limited (“QTIL”) and Datacom Solutions Private Ltd. (now Videocon Telecommunication Limited, the respondent herein) for providing the passive telecom infrastructure facilities and allied services all over India.

(ii) Thereafter, on 14th August 2009, Wireless-TT Info Services Limited (“WTTIL”) entered into a Master Infrastructure Provisioning Agreement with the respondent for providing the passive telecom infrastructure facilities and services all over India including specific circle/s.

(iii) Second Agreement dated 5th November, 2009 was entered between 21st Century Infra Tele Limited (which was firstly renamed as Viom Infra Networks (Maharashtra Limited) ("TFCITL") and later on merged with the petitioner by a scheme of arrangement approved by th