Til Limited vs Shapoorji Pallonji & Co. Private ... on 28 August, 2023
Relying on the decisions of the Hon'ble Apex Court in
the matter of Pam Development Pvt. Ltd. versus State
of West Bengal reported in (2019) 8 SCC 112, Satyen
Construction versus State of West Bengal reported in
2020 SCC OnLine Cal 805 and Siliguri Jalpaiguiri
Development Authority versus Bengal Unitech
Universal Siliguri Projects Limited reported in 2022
SCC OnLine Cal 1754, the learned court held that the law
mandated that for the execution proceeding to remain
stayed, the money awarded would have to be secured. While
the rights of the award holder were not crystallised till the
disposal of the application under Section 34 of the
Arbitration and Conciliation Act, 1996 (hereinafter referred
to as the 'said Act'), the award holder had the statutory
safeguard under Section 36 of the said Act to be secured in a
fruitful manner, for the entirety of the arbitral award.