JUDGMENT :

SUNITA AGARWAL, J.

1. The instant Appeal under Section 37 of the Arbitration and Conciliation Act, 1996 is directed against the order dated 11.03.2024 passed by the Commercial Court, Surat in Commercial Civil Misc. Application No. 39 of 2023, whereby an application preferred by the respondent (PSP Projects Ltd.) under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the Act, 1996’) has been partly allowed. By the impugned order, the appellant herein (SDB Diamond Bourse) has been directed to furnish irrevocable bank guarantee to the tune of Rs. 125 crores within a period of four weeks from the date of the order and further that the appellant has been restrained from auctioning, transferring or creating third party rights in the remaining portion of the Surat Diamond Bourse.

2. The order impugned is challenged on the ground that the directions contained in the order based on the observations therein are running against the agreed terms and conditions of the contract. There is a procedure prescribed for processing of the final bill as laid down in the contract and as agreed upon by the parties, which is required to be followed. It was urged