In Brief
Navayuga Engineering, the successful party in an arbitration, challenged the High Court's reduction of the security deposit required for enforcing an arbitral award. The arbitral tribunal had awarded Rs. 122.76 crores to Navayuga. The trial court ordered 60% deposit before execution, but the High Court reduced this to 50% of the principal amount. The Supreme Court held that High Courts must exercise extreme restraint in reviewing arbitration-related orders and should interfere only in exceptional cases. Finding no such exceptional circumstance, the Court restored the original 60% deposit condition and expedited the Section 34 petition for final adjudication.
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