JUDGMENT

Yogesh Khanna, J.

EX.APPL.(OS) 740/2023 in OMP (ENF.) (COMM.) 103/2023; EX.APPL.(OS) 741/2023 in OMP (ENF.) (COMM.) 104/2023

1. This application is filed by the applicant under Order XXI Rule 26 CPC read with Section 151 CPC to enable the judgment debtor to obtain stay of the execution of the award against furnishing bank guarantee.

2. On 30.05.2023 the judgment debtor was directed to deposit entire decretal amount by 10.07.2023. The said amount is about Rs.165 crores and it is alleged if the judgment debtor is directed to deposit such huge sum it shall lead to a liquidity crunch in its company and its business would come to a standstill.

3. It is submitted the judgment debtor is inclined to give 100% of the bank guarantee of the decretal amount, hence is requested either the enforcement proceedings be stayed for a reasonable period so as to enable the judgment debtor to obtain stay on the execution of award pending by way of petition under Section 34 of Arbitration and Conciliation Act, listed on 03.10.2023 or in alternative to secure the arbitral amount by way of an unconditional and irrevocable bank guarantee or any solvent non cash security. It is alleged this Court h