A.K.Ganguly, J. - (1.) In this matter an application was filed under section 9 of Arbitration and Conciliation Act, 1996 [hereinafter called ACA 96] by the petitioner praying for interim protection in connection with the proposed artitration proceeding over the dispute between the parties.
(2.) The material facts which appear from pleadings between the parties are as follows : The petitioner during the period between 19th April 2000 and 30th April 2001 placed various orders for sale and purchase of different shares with the respondent which is a company carrying on business, inter alia, as a sharebroker. The case of the petitioner is that as a result of such transaction, an amount of Rs. 1,74,54,140.10p. became due and payable to the petitioner. It is the further case of the petitioner that the respondent received all the sums in respect of such transaction carried on by it for and on behalf of the petitioner with various stock exchanges only as a broker and trustee of the petitioner and the respondents are obliged to pay it back to the petitioner after deducting the brokerage.
(3.) The case of the petitioner is that by a letter dated 15th May, 2001, the respondent acknowledged its liability to the petitioner in the aforesaid sum of Rs. 1,74,54,140..10p. According to the petitioner, the same would appear from Annexure 'F' to the petition. The petitioner further alleged that it is difficult for the petitioner to realise the said amount in the event an award in its favour is passed in the arbitration between the parties. So certain interim protection to secure the amount was prayed for.;