O R D E R
1. Leave granted.
2. The appeals are disposed of in terms of the reportable signed order, which is placed on the file.
3. The relevant part of the order is as under:-
"..We have reached the conclusion that the impugned order of the High Court deserves to be set aside.
30. In view of the aforesaid, these appeals succeed and the common impugned order is, accordingly, set aside.
31. We direct the respondents to deposit the principal amount of Rs.4,00,00,000/- (Rs.Four crore only) with the Prothonotary and Senior Master, Original side,
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Bombay High Court within a period of eight weeks from today.
32. We clarify that the Section 34 applications preferred by the respondents shall be heard on its own merits without being influenced in any manner by the fact that we have thought fit to disturb the impugned judgment and order passed by the High Court.
33. Once the principal amount of Rs.4,00,00,000/- (Rs.Four crore only) is deposited within the stipulated period of time, the Registry of the High Court shall invest the same by way of a Fixed Deposit in an interest bearing account with any Nationalised Bank with auto renewal facility initially for a period of six months.
34. Having regard to the nature of the dispute between the parties and in the peculiar facts and circumstances of this case, we request the High Court to take up the Section 34 applications for final hearing and see to it that those are disposed of within a period of six months from today.
35. It is needless to clarify that the stay as regards execution of the Arbitral Award shall continue, subject to the deposit of the principal amount of Rs.4,00,00,000/- (Rs.Four crore only)."
4. Pending application(s), if any, stands disposed of.
(CHANDRESH) (POOJA SHARMA)
ASTT. REGISTRAR-cum-PS COURT MASTER (NSH)
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