05 % 08.04.2010 Present: Mr Sudhir Nandrajog, Sr Advocate with Mr Rahul & Ms Saahila Lamba for the appellant. Mr Jay ant Nath, Sr Advocate with Mr B C Pandey & Mr S Tripathi for the respondent. + Arb.A. No.8/2010 * Fortuitously, there has been an agreement to the mode and manner in which the present appeal can be disposed of. Briefly, this appeal has been preferred against an order dated 12.01.2010 passed by Mr Justice R C Chopra (Retd.). By virtue of the said or^er the respondent has been restrained from selling, transferring, alienating or creating any third party interest in respect of its resort situate at NH-8 Delhi Gurgaon Road, Delhi without permission of the arbitral tribunal. To be noted that eventhough the memo of parties refer to four appellants, there is, in effect only one appellant. The learned senior counsel for the appellant has submitted before me that the entire claim of the respondent would not exceed a sum of Rs 1 crore inclusive of interest. This is refuted by learned senior counsel appearing for the respondent. He submits that the dispute ^ between the parties involves adjudication of nine (9) contracts. Since the arbitration clause is contained in only two (2) contracts, the arbitration proceedings are confined to the said two (2) contracts. It is also contended that the claim in these proceedings alone is in the Arb.A. No.8/2010 Page 1 of 2 Digitally Signed By:AMULYA Certify that the digital file and physical file have been compared and the digital data is as per the physical file and no page is missing. Signature Not Verified region of Rs 1.20 crores (inclusive of interest). Be that as it may, both counsels have agreed that the appeal can be disposed of in the following terms The appellant (M/s Tricolor Hotels Ltd.) shall furnish a bank guarantee in the sum of Rs 1 crore in favour of the respondent (M/s Chawla Techno Construct Ltd.). The bank guarantee shall be of a scheduled bank. The said bank guarantee shall be kept alive during the pendency of the arbitration proceedings. It is made clear that after the pronouncement of the award and notice thereof to the parties, the bank guarantee shall, if necessary, be kept alive for a period of two weeks thereafter. It is also agreed by the parties that in case the appellant were to succeed in the proceedings, the learned Arbitrator shall consider awarding cost, if any, incurred by the appellant for keeping the bank guarantee alive. Mr Nath learned Senior counsel, on instructions, says that he is agreeable to such a modification of the impugned order. With these observations, the appeal is disposed of. The operative part of the impugned order is modified to that extent. The bank guarantee shall be furnished within a period of two weeks from today. Till that date the impugned order shall operate. RAJIV SHAKDHER, J APRIL 08, 2010 mb Arb.A. No. 8/2010 Page 2 of 2