I.P. Mukerji, J. - (1.) An arbitration was held under the bylaws, rules and regulations of the National Stock Exchange (NSE) between Purti Vanaspati Private Limited, the petitioner and Karvy Stock Broking Limited, the respondent. It was a two tier arbitration.
(2.) It is very important to carefully analyse the facts of this case. On 18th May, 2016 an award for Rs. 93,71,888 was passed in favour of the petitioner by the first tier Arbitral Tribunal. The respondent was directed to pay this amount within one month of receipt of the award. The National Stock Exchange appears to have debited an amount of Rs. 93,71,888 from the account of the respondent. It was separately kept as a "blocked amount", under the award.
(3.) The petitioner preferred an appeal before the Appellate Tribunal stating that they were entitled to Rs. 1,85,53,667 along with interest etc. The respondent filed a cross objection challenging the award. The Appellate Tribunal by its award dated 4th October, 2016 set aside the award and directed the National Stock Exchange to "unblock the amount".;