JUDGEMENT

AMIT BANSAL, J.

1. The present enforcement petition has been filed seeking enforcement of the Arbitral Award dated 9^th November 2017 (hereinafter the “Arbitral Award”).

2. Brief factual background of the case is set out below:

2.1 On 18^th April 2012, notice was issued on behalf of the claimant/ decree holder invoking the arbitration clause. The statement of claim was filed on behalf of the decree holder (claimant in the arbitration) on 17^th October 2012.

2.2 On 12^th December 2012, the Division Bench of Bombay High Court passed an order in an appeal under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter ‘the Act’), arising out of a petition under Section 9 of the Act, directing the judgment debtor to furnish a security in the sum of Rs.187 crores to the decree holder. An SLP was filed against the said order, which was dismissed in July, 2013.

2.3 On 14^th August 2013, a bank guarantee was furnished on behalf of the judgment debtor to the decree holder for a sum of Rs.187 crores, which continued during the pendency of the arbitration proceedings.

2.4 The Arbitral Award was passed by the Arbitral Tribunal on 9^th November 2017.

2.5 On 12^th February 2018, a Singl