Security Deposit or Bank Guarantee condition cannot be imposed merely for Weak Financial Condition of a Party

Manish Aggarwal Vs RCI Industries And Technologies Ltd. (Delhi High Court) In the present case, quite clearly, the learned Sole Arbitrator has declined to grant the interlocutory order sought by the appellants in exercise of his discretionary power under section 17 of the A&C Act. Has this discretionary power been exercised in a manner that is palpably arbitrary, capricious, irrational or perverse? In the opinion of this court, the answer to that question is an emphatic ‘No’. The interlocutory relief sought was to secure the counter-claims made by the appellants, which counter-claims a...