JUDGMENT

Sanjeev Narula, J. (Oral)--The Appellant [being the Counter-Claimant in arbitration], is aggrieved with the Order dated 08th November, 2021 [hereinafter, `Impugned Order'] passed by the Sole Arbitrator, deciding the Respondent's [Claimant in arbitration] application under Section 17 of the Arbitration and Conciliation Act, 1996 [hereinafter, `the Act'], whereby, inter alia, directions have been passed to secure an amount of Rs.1,42,35,279.50/- by way of fixed deposit receipts [hereinafter, `FDR'] or an irrevocable bank guarantee.

BACKGROUND:

2. Briefly stated, the facts giving rise to the instant appeal are as follows:

2.1. Appellant No. 1 is a property developer and Appellant No. 2 is the owner of the underlying land. The Respondent entered into two agreements with Appellant No. 1, both dated 04th October, 2017, viz. a Space Buyer's Agreement [hereinafter, `SB