V. Ramasubramanian ORDER
V. Ramasubramanian, J.
SPECIAL LEAVE PETITION (CIVIL) No. 11476-77 OF 2021
61. Despite a fine analysis by my learned sister, of the relevant provisions of the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949 and the fine distinction that the Hon'ble Judge has brought out between a 'scheduled Bank' defined in the Act, in contrast to a 'scheduled Indian Bank' not defined anywhere statutorily, I regret my inability to persuade myself to agree to the view taken by my learned sister. In my considered view, the special leave petitions deserve to be dismissed. The reasons are provided herein below.
62. As pointed out by my sister, the award-debtor has come up with these Special Leave Petitions challenging (i) the dismissal of an appeal Under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act'); and (ii) the dismissal of a review petition arising there from. The appeal Under Section 37 of the Act arose out of the rejection of a petition for recalling an order passed in an application for interim measure Under Section 9 of the Act.
63. The Petitioner suffered an arbitration award dated 17.10.2017 in a sum of Rs. 142,41,14,499/-. The award is the subject matter of challenge in a petition OMP (COMM.) No. 432 of 2017 Under Section 34 of the Act. It appears that the petition Under Section 34 was accompanied by an application for stay of execution of the award, but the same has not yet been finally disposed of.
64. However the Respondent filed an independent petition Under Section 9 of the Act, and sought a direction to the Petitioner to secure the award amount. In the said petition in I.A. No. 11128 of 2018 in OMP (I)(COMM.) No. 523 of 2017, an order was passed on 12.02.2019. Since the genesis of the dispute before us could be traced to the said order, it is extracted as follows:
1. Mr. Sethi, learned Senior Counsel for the Respondent, says that he will file an affidavit stating therein the following:
(i) The list of assets which find mention in the valuers' report along with their location and valuation given by the valuer.
(ii) The list of assets which, according to him, the valuer has not valued. In respect of these assets their location and approximate valuation will also be given.
(iii) Furnish a bank guarantee in the sum of Rs. 30 crores of a scheduled Indian bank.
2. Learned Senior Counsel says that on account of the spring festival in China, it could take at least six (6) weeks to furnish the bank guarantee.
3. Mr. Sethi says, however, the affidavit can be furnished within the next two (2) weeks. It is ordered accordingly.
4. The judgment Debtor will file the affidavit within two (2) weeks; with a copy being furnished to the counsel for the decree holder.
5. Insofar as the bank