Sanjeev Prakash Sharma, j. - (1.) The matter comes up on second stay application filed by the petitioner whereby the petitioner submits that the writ petition has been preferred challenging the order passed by the learned Commercial Court No.1, Jaipur whereby it has stayed the order dated 30/10/2019 passed by the sole arbitrator under Section 17 of the Arbitration and Conciliation Act, 1996 (hereafter referred to as'Act of 1996') vide its order dated 02/12/2019.
(2.) Learned counsel for the petitioner submitted that the writ petition has been pending before this Court since 08/01/2020 and it is likely to take time for decision. However, it is submitted that due to continuance of the interim order passed by the learned Commercial Court, the petitioner-company is suffering great hardship and its account will become NPA resulting in loss to the public money and even the Banks are loosing money. The arbitral proceedings are still continuing and it cannot be said that a final order has been passed by the learned Arbitral Tribunal headed by Hon'ble Mr. Justice PP Naolekar, Former Judge of the Supreme Court.
(3.) Learned counsel for the petitioner further submitted that power is available under Section 17 of the Act of 1996 to the learned Arbitrator for passing orders as an interim measure of protection in respect of securing the amount in dispute of arbitration as per Section 17(ii)(b) of the Act of 1996. Learned counsel for the petitioner stated at bar that while the amount may not be handed over to the petitioner, as an interim protection, the said amount, as directed by the learned Arbitral Tribunal, be deposited by the respondent-State authorities with the concerned Banks so that the same remains secured in Escrow Account with the Bank so that the public money is not lost. At the same time, the concerned amount shall not be utilized for any other purpose till the disposal of the Arbitration proceedings.;