Supreme Court Rules: No Special Treatment for Government Entities in Arbitration Award Stays; Modifies High Court Order.

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....The Supreme Court examined a challenge u/s 34 of the Arbitration and Conciliation Act, 1996 against an arbitral award and the grant of conditional stay on its execution. The High Court had directed the respondent, a statutory undertaking, to furnish a bank guarantee only for the principal amount awarded, excluding interest and costs, reasoning that the respondent was not a "fly-by operator." The Supreme Court held that the Arbitration Act does not distinguish between governmental and private entities, and the High Court erred in basing its decision on the respondent's status as a statutory authority. The Court modified the High Court's order, directing the respondent to deposit 75% of the decretal amount, inclusive of interest, by a specifi.........