Petitioner, an entity incorporated under the Companies Act,
is invoking the writ jurisdiction of this Court for laying a challenge
the order dated 22.12.2022, whereby learned Judge of Commercial
Court, Cuttack in its ARBP No. 5 of 2017, having favoured OP
No.1’s application dated 21.11.2017, has directed the petitioner to
deposit an additional sum of Rs.1,20,51,588.68 being the deficit of
pre-deposit for maintaining the challenge to the arbitration award
dated 30.12.2016.
2. Learned counsel for the petitioner, drawing attention of the
Court to the text of operative portion of the subject award, argues
that the 75% of award amount works out to Rs.36,91,111.29 which
his client has already deposited; this was pursuant to order of the
learned Judge of Commercial Court; that being the position the
application of OP No.1 could not have been favoured; he also
placed his own interpretation of the award in question to the effect
that the last sentence of the award should be construed as levying
huger interest and, therefore, that part of the award amount cannot
be added to the amount actually awarded for the purpose of
computing 75% pre-deposit. So arguing, he seeks invalidation of
impugned award.