Hrishikesh Roy JUDGMENT
R. Subhash Reddy, J.
1. Leave granted.
2. This appeal is filed, aggrieved by the order dated 16.07.2019 passed by the High Court of Judicature at Bombay, in Commercial Notice of Motion No. 1549 of 2019 in Commercial Arbitration Petition No. 190 of 2018.
3. In the Commercial Arbitration Petition No. 190 of 2018, filed Under Section 34 of the Arbitration and Conciliation Act, 1996 (for short 'the Act'), the Respondent-ICICI Bank has challenged the award dated 13.11.2017, of the learned Sole Arbitrator. By the aforesaid award, learned Arbitrator directed the Respondent-ICICI Bank as under:
a) The Respondent (ICICI Bank) is ordered and directed to pay to the claimant (I-pay) an amount of Rs. 50,00,00,000/- (Rupees Fifty Crores) together with interest thereon to be calculated at the rate of 18% per annum as from the date of award till payment or realization, whichever is earlier;
b) The Respondent (ICICI Bank) is ordered and directed to pay to the claimant (I-pay) Rs. 50,000/- (Rupees Fifty Thousand) as cost on the application Under Section 16 made before this Arbitral Tribunal.
4. In the petition, filed by the Respondent-ICICI Bank Under Section 34(1) of the Act, it has taken out Notice of Motion No. 550 of 2018 seeking interim order to stay the effect, operation, implementation and execution of the award dated 13.11.2017, passed by the learned Arbitrator. In the same petition, the Appellant/I-Pay has taken out Notion of Motion No. 1549 of 2019, Under Section 34(4) of the Act, seeking directions to adjourn the proceedings for a period of three months or such other time as may be determined by the Court, and direct the learned Arbitrator to issue appropriate directions/instructions/additional reasons and/or to take such necessary and appropriate action. The High Court by a common order, has passed the conditional order in the Notice of Motion taken out by the Respondent and dismissed the Notice of Motion No. 1549 of 2019, taken out by the Appellant herein, Under Section 34(4) of the Act. Aggrieved by the order of dismissal, dismissing the Notice of Motion No. 1549 of 2019 filed Under Section 34(4) of the Act, this Appeal is filed.
5. The Appellant is a Private Limited Company incorporated under Companies Act, 1956 and is in the business of providing card personalization, transaction and reconciliation management for Smart Card based loyalty programs, for which they have an operations facility at Mumbai, with operational hubs in various cities. The Respondent-ICICI Bank is a company incorporated under the Companies Act, 1956, is licensed under Banking Regulations Act, 1949 and carries on the business of providing banking facilities, retail financial assistance and related activities. The HPCL (Hindustan Petroleum Corporation Limited) which was originally impleaded as De........