Jyoti Singh, J. - (1.) Present petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the "Act") seeking interim directions for securing the money lying with Respondent No. 2 from the sale proceeds of the auction of the hotel in Goa, earlier owned by Respondent No. 1, in favour of the Petitioner. The prayers in the petition are as under: - "a. Direct the Respondent No. 2 to deposit the amount as stated in its letter dated 06.02.2019 along with interest accrued thereon as on date with the Registry of this Hon'ble Court and not disburse any part thereof to the Respondent No. 1; b. Alternatively, direct the Respondent No. 2 not to release the amounts lying with it into the account of the Respondent No. 1 or otherwise, without the prior permission of this Hon'ble Court;"
(2.) Respondent No. 1 is a Public Listed Company in hotel business and previously owned the Park Hyatt Hotel in Goa. The case of the Petitioner is that Respondent No. 1 had participated in a bidding process and secured the right from Delhi International Airport Limited (hereinafter referred to as "DIAL") to develop a commercial space at Asset Area No. 3 measuring 5.3 acres at Aerocity, New Delhi International Airport (hereinafter referred to as "Aerocity Project").
(3.) A Special Purpose Vehicle (hereinafter referred to as "SPV") was floated by Respondent No. 1, namely, Silver Resort Hotel India Private Limited (hereinafter referred to as "Silver Resorts") to develop the Aerocity Project. A Development Agreement dated 26.02.2010 and an Infrastructure Development and Service Agreement dated 26.02.2010 were executed between DIAL and Silver Resorts.;