JUDGMENT

V. Kameswar Rao, J. (Oral)

I.A. 5291/2020

1. The present application has been filed by the applicant/respondent with the following prayers:

"i) Direct the Petitioner to deposit 75% of the interest amount in addition to the Principal amount already deposited

ii) Direct the release of the pre-deposit to the Respondent as per Proviso to Section 19 of the MSME Act on furnishing Indemnity Bond.

iii) Pass any other order which this Hon'ble Court deems fit and proper in the facts and circumstances of the present case."

2. Before delving into the issues raised in this application, an overview of factual matrix that surrounds the filing of the present application by the respondent/applicant needs to be stated.

3. An Arbitral Award dated December 14, 2018 (`Award', for short) was passed by the Micro and Small Enterprises Facilitation Council, Konkan Region, Thane, Maharashtra (`Council', for short) under the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (`MSME Act', for short). Aggrieved by Award, the petitioner/non-applicant has challenged the Award in the main petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (`Act