Ashis Kumar Chakraborty, J. - (1.) With consent of the parties, the appeal and the stay application being GA No. 136 of 2018 are taken up for hearing and the same are disposed of by this order.
(2.) This appeal under Section 37 of the Arbitration Conciliation Act, 1996 (in short, "the Act of 1996") at the instance of the respondent in the arbitration proceeding is directed against the order dated December 21, 2017 passed by the arbitrator appointed by this Court on November 23, 2017. By the impugned order, the arbitrator has directed the present appellant, the respondent in the arbitration proceeding, to furnish security for Rs. 25,57,41,367/- being the principal outstanding amount payable by it to the respondent-claimant as on October 31, 2017 within a period of three weeks from that date, failing which, the receiver shall take possession of the assets equivalent to the amount of Rs. 25,57,41,367/- out of the 800 second-hand assets acquired by the appellant with the loan amount obtained from the present respondent.
(3.) Assailing the impugned order passed by the arbitrator, Mr. Sanjay Banerjee, learned Advocate for the appellant contended that by an order dated November 23, 2017 this Court directed the arbitrator to adjudicate the disputes between the parties which were pending before the first arbitrator namely, Sri Saikat Das but the arbitrator is proceeding with the arbitral proceeding relating to a separate agreement between the parties. Therefore, according to the appellant, the arbitral proceeding proceeded by the arbitrator is without jurisdiction and consequently, the impugned order passed by the arbitrator is also void.;