Under Section 36 of the Arbitration and Conciliation Act, 1996, the Court has complete discretion on the quantum which an award-debtor must put in for stay of the Arbitral Award – Everest Infra Energy Ltd. Vs. Transmission (India) Engineers and Anr. – Calcutta High Court
Hon’ble Calcutta High Court held that:
(i) There cannot be a straightjacket formula or even a mandate on the Court to grant stay of an award by directing the award-debtor to deposit a specified quantum, i.e., the principal sum + interest or the principal sum without interest or even the entire principal sum or the entirety of the interest component for stay of the Award. In other words, the Court has complete discretion on the quantum which an award-debtor must put in for stay of the award. The discretion must of course be wisely-exercised and expressed in writing.
(ii) Hyder Consulting (UK) Limited vs. Governor, State of Orissa; (2017) ibclaw.in 248 SC did not disturb the discretion conferred on the Court in sections 36(2) and (3) that is the Court deciding an application for stay of an arbitral award.