J.B.PARDIWALA, VAIBHAVI D.NANAVATI
Mashreq Bank PSC – Appellant
Versus
Indian Overseas Bank – Respondent
JUDGMENT :
J.B. PARDIWALA, J.
1. “Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.”
The above quote from the “Art of War” authored by Sun Tzu is not superlative in the context of Section 9 of the Arbitration and Conciliation Act, 1996, which confers power to the Courts to grant interim measures of protection. Section 9 is one of the most crucial and widely invoked provisions under the Act. Such measures become necessary to prevent damage to or loss of, the subject matter of the dispute in the interim period, i.e. before the final adjudication of the dispute by an Arbitral Tribunal.
2. This appeal under Section 37 of the Arbitration and Conciliation Act, 1996 (for short, “the Act, 1996”) read with Section 13 of the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (for short, “the Act, 2015”) is directed against the order passed by a learned Single Judge of this Court dated 27th November 2020 in the Civil Application No.4 of 2020 filed in the Commercial Arbitration Petition No.9 of 2020; by which the appellant came to be restrained from proceeding further with the suit institut
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