IN THE HIGH COURT OF BOMBAY AT GOA MISC.CIVIL APPLICATION NO. 411 OF 2011 IN APPEAL UNDER ARBITRATION ACT NO. 4 OF 2009 ITD CEMENTATION INDIA LIMITED ... Applicant Versus STATE OF GOA REPRESENTED BY EX. ENGINEER (ROADS NORTH) PANAJI ... Respondent Mr. S. Dessai, Senior Advocate with Mr. M. S. Joshi,for the applicant. Mr. Abhijeet Kamat, Addl. Government Advocate for the Respondent. Coram:- A. P. LAVANDE, J. Date:- 11th April, 2011 P.C. Heard Mr. S. Dessai, Senior Advocate for the Applicant and Mr. A. Kamat, Addl. Government Advocate for the respondent. This is an application for withdrawal of the amount of Rs. 17,03,00,000/- alongwith accrued interest, deposited by the respondent. Mr. Kamat for the respondent submits that he has no objection provided the applicant is called upon to provide bank guarantee for the said amount and is further directed to deposit the amount in this Court in the event Appeal filed under Arbitration Act No. 4/2009 is allowed by this Court with such interest as this Court deems fit and proper. In view of the above, I pass the following Order: (i). The amount of Rs. 17,03,00,000/- deposited by the respondent, alongwith the accrued interest, be paid to the applicant upon furnishing bank guarantee for the said amount of any Nationalised bank. (ii). The applicant shall keep the bank guarantee alive till the disposal of the Appeal under Arbitration Act No.4/2009 and for a period of 90 days thereafter. (iii). The applicant shall file undertaking of its Director before withdrawing the amount, that in the event the appeal is allowed, the applicant shall deposit in this Court the amount withdrawn alongwith such interest as this Court will direct within a period of 8 weeks, from the date of judgment. The application stands disposed of accordingly. A. P. LAVANDE, J. MF/-