2022 (2) TMI 1218

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on Act, 1996 (hereafter the 'A&C Act') impugning the order dated 05.01.2022 (hereafter 'the impugned order') passed by the Arbitral Tribunal in an application filed by the respondents under Section 17 of the A&C Act. 4. By the impugned order, the Arbitral Tribunal has directed the appellant to deposit the amount equivalent to the arrears of lease rentals in respect of the premises leased to the appellant. 5. The appellant had taken the premises (Rear First Floor, 54, Janpath, New Delhi) on lease from respondent no.2 in terms of Lease Deed dated 22.09.2010 which was subsequently amended by agreements dated 30.11.2013 and 20.05.2014. Thereafter, the appellant took another premises on lease (Rear Ground Floor, B.I. House, No.54, Janpath,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....espondents had filed an application, inter alia, praying that the appellant be directed to deposit the arrears of lease rentals to secure their claims. The Arbitral Tribunal had considered the controversy and had also noted that the appellant was not inclined to surrender the leased premises but is continuing to occupy the same for the purpose of its business. The Arbitral Tribunal had returned a prima facie finding that the financial terms of the lease were not dependent on the revenue or profit sharing. 10. In view of the aforesaid, the Arbitral Tribunal had directed as under: "43. It is deemed proper to invoke the provisions of the above-quoted Order XV-A of CPC to put in position the requisite measures under Section 17 of th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e subject to final awards that may be passed in due course in these proceedings. For clarity, it is added that there shall be a restraint against any withdrawal by the Respondent from the said FDs till further orders. (e) To ensure due compliance with the above directions, a copy of this Order shall be served by the Respondent on the concerned bank which shall be obliged not to allow any encashment or withdrawal till further orders in these proceedings. (f) Due compliance shall be confirmed by the Respondent n record of these proceedings, supported by copies of all relevant documents and affidavits, and also shared with the respective Claimants, within five weeks of this order. (g) The Respondent shall pay unto th....