JUDGMENT :

N.V. Anjaria, J.

1. In terms of Sub-Section (3) of Section 9 of the Arbitration and Conciliation Act, 1996, whether the present application filed under Section 9(1)(ii) of the Act is required to be entertained when the Arbitral Tribunal is already continued by the parties and the applicant has taken recourse to remedy under Section 17 of the Act, so as to treat the said remedy under Section 17 of the Act to be not efficacious; whether in the facts of the case, such circumstances exist which may not render the remedy provided under Section 17 efficacious - is the moot question for consideration.

2. By means of the present Miscellaneous Civil Application, the applicant has sought to invoke Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Arbitration Act'), to seek interim measures till the conclusion of the Arbitration proceedings between the parties, which are pending.

2.1. It is prayed to direct respondent Nos. 1 and 2 to deposit Rs. 21.18 crores by way of security before this Court. In the alternative, it is prayed for opening of an escrow account under the supervision of the Court. The applicant has further prayed to direct responden