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2021 (4) TMI 1344 - SUPREME COURTValidity of Arbitral Award - execution of award was stayed on deposit of 60% of the figure - Jurisdiction of High Courts to interfere with deposit orders - HELD THAT:- Repeatedly referring to Section 5 of the Arbitration Act in particular and the Arbitration Act in general and despite this Court having laid down in M/S. DEEP INDUSTRIES LIMITED VERSUS OIL AND NATURAL GAS CORPORATION LIMITED & ANR. [2019 (11) TMI 1632 - SUPREME COURT] that the High Court under Article 226 and 227 should be extremely circumspect in interfering with orders passed under the Arbitration Act, such interference being only in cases of exceptional rarity or cases which are stated to be patently lacking in inherent jurisdiction, we find that High Courts are interfering with deposit orders that have been made. This is not a case of exceptional rarity or of any patent lack of inherent jurisdiction. This being the case, the impugned order of the High Court of Karnataka is set aside and that of the learned Additional City Civil and Sessions Judge is restored. The deposit of 60% and security for the remainder is to be made within four weeks from the date of our order - Appeal disposed off.
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