M.R. Shah, J.

[1.0] Feeling aggrieved and dissatisfied with the impugned order passed by the learned Additional District Judge, Vadodara in Civil Miscellaneous Application No.467/2013 by which in exercise of powers under section 9 of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as “Arbitration Act”], the learned Additional District Judge, Vadodara has directed the appellant herein – original respondent to furnish the Bank Guarantee for an amount of Rs.79,61,76,998.58 ps., within 3 months of the said order, the appellant has preferred the present appeal under section 37 of the Arbitration Act.

[2.0] Facts leading to the present First Appeal in nutshell are as under:

[2.1] That in August 1996, the respondent United India Insurance Co. Ltd. issued an insurance policy to the appellant in respect of the appellant’s refinery which was under construction at Wadinar, Jamnagar. It appears that the said insurance policy, inter alia, covered (1) the material damage [under section I of the insurance policy] i.e. damage to the appellant’s properties, machinery, equipment etc. and (2) advance loss of profit i.e. loss of future profits caused on account of delay in com