MOUSHUMI BHATTACHARYA, J. - (1.) The present application filed under section 36 of The Arbitration and Conciliation Act, 1996, is for stay of the operation of an award passed by the West Bengal State Micro Small Enterprises Facilitation Council under cover of a letter dated 7th November, 2019 and served on the petitioner on 21st November, 2019. The petitioner prays for securing a percentage of the principal sum of Rs.61,08,654/- awarded to the respondent under the provisions of The Micro, Small and Medium Enterprises Development Act, 2006 (the Act).
(2.) The issue which falls for adjudication is whether the petitioner/award- debtor should be directed to secure 75% of the principal sum and the interest under section 19 of the Act. The petitioner insists that depositing 75% of the award under Section 19 should be confined only to the principal sum awarded to the respondent while the respondent award-holder contends that the said percentage should also include the interest component. The submissions raised in support of and against securing a percentage of the award shall be referred to in more detail later on in this judgment.
(3.) The discussion is divided under separate sections for convenience. The Award impugned in the present proceeding: ;