SANJIB BANERJEE,J. - (1.) Without prejudice to the rights and contentions of the respondent in the reference and any further proceedings, the respondent has offered the following checks and balances to be put in place till the reference is concluded : i) The respondent will furnish particulars of all payments received from Engineering Projects India Limited (EPIL) from the date of the first order in proceedings under Section 9 of the Arbitration and Conciliation Act, 1996 relating to the reference (May 18, 2010) till January 5, 2012, relating to the project which is the subject matter of the agreement between the parties. ii) The respondent will furnish accounts of all expenses incurred by the respondent from out of the funds received from EPIL relating to the project between May 18, 2010 and January 5, 2012. iii) The respondent will expend any part of the payments received from EPIL relating to the relevant project without first informing the receiver. All payments relating to the project to be received by the respondent from EPIL will be deposited in the respondent's bank account with South-Indian Bank, Salt Lake branch only. Immediately upon receipt of any payment, the respondent will inform the receiver of the receipt with a copy marked to advocate representing the petitioner. iv) The respondent shall furnish to the receiver its proposed expenditure out of the monies to be received from EPIL relating to the project. The list will be as detailed as practically feasible and will be issued fifteen days prior to the respondent requiring withdrawals to be made. A copy of the list will also be served on the petitioner fifteen days prior to the respondent seeking to make any withdrawals from out of the monies received from EPIL relating to the project.
(2.) Without prejudice to their rights and contentions, the parties agree that the arrangement as offered by the respondent and recorded above will continue till disposal of the reference or until further order of Court upon either party's application.
(3.) It is made clear that the respondent's offer and the order on the basis thereof will prevent the respondent from using other funds available in the same account or other accounts.;