The bank guarantee shall be furnished before the Registrar Judicial of this Court to avoid delay in the matter who shall transmit it to NALCO.
An appeal filed by the respondent against the said order of the trial companyrt under section 37 of the 1996 Act before the High Court of Judicature Andhra Pradesh at Hyderabad came to be rejected.
While doing so the High Court slightly modified the order of the trial companyrt in the following terms The Gerald Metals shall be permitted to lift 33,300 MT 5 of Alumina on payment of agreed rates, That in addition to agreed rates, the Gerald Metals shall also give a bank guarantee of an amount which is the difference between the agreed rate and the rate of US 430 per MT of Alumina in favour of NALCO.
Pending disposal of the said dispute by the arbitrators the respondent herein moved an application under section 9 d of the Arbitration and Conciliation Act, 1996 praying for the grant of ex parte injunction restraining the appellant herein from transferring or alienating the earmarked alumina lying in the appellants Silos in Vishakapatnam Port area to any party other than the respondent herein.
The bank guarantee shall be encashable by NALCO if they succeed in the arbitration.
In this appeal various grounds both legal and factual have been raised by the parties to this appeal in their pleadings as well as in the arguments addressed on behalf of them.
No order as to companyts.
Arising out of SLP C No.3202 of 2004 SANTOSH HEGDE,J. Heard learned companynsel for the parties.
This appeal arises out of a dispute between the parties to this appeal which under an agreement between the parties has to be referred to arbitration as companytemplated under Clause 26 of the agreement between the parties.
Leave granted.
