In Brief
Sepco Electric Power Construction Corporation, an appellant incorporated in China, challenged an arbitral award of approximately Rs. 142 crores in favor of Power Mech Projects Limited (respondent). The appellant filed an application for stay of the award under Section 36(2) of the Arbitration and Conciliation Act, 1996, while the respondent applied under Section 9 seeking security. The High Court directed the appellant to deposit the full awarded amount as security. The Supreme Court upheld this order, holding that there is no rule requiring earlier applications to be heard first, and the court can impose security conditions when granting stay of an arbitral award. The appeal was dismissed.
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