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Kesang Doma Bhutia, J: -This appeal is directed against the order passed by Hon'ble Single Bench in I.A. No. G.A. 7 of 2021 in A.P. No.1989 of 2014 on 15th September, 2021 whereby the Hon'ble Single Bench has been pleased to permit Shristi Infrastructure Development Corporation/the Award Holder to encash bank guarantee of Rupees 6 Crore deposited by the petitioner/award debtor while obtaining order of stay of operation of the Arbitration Award dated September 3 rd, 2014 in a petition under section 36(2) of the Arbitration and Conciliation Act and further directed the award-holder to furnish a bank guarantee for the same amount by a Public Financial Institution of the petitioner's choice within 10 days from the date of passing of the order.

In order to appreciate the appeal and determine the issues in question the facts of the case in gist are that the West Bengal Transport Infrastructure Development Corporation/ the petitioner had invited tender for construction of Vivekananda Road Fly Over project sometime in the year 2000. The respondent was successful and the contract was awarded in its favour. The petitioner failed to discharge its reciprocal obligation in the nature of condition precedent for commencing of work by the Respondent, inter alia, by failure to hand over possession of the site, while the Respondent after the contract was awarded in its favour had incurred huge expenses in connection with preparatory and other work related to the aforesaid agreement.