BELVEDERE RESOURCES DMCC vs OCL IRON AND STEEL LTD & ORS.

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 30.04.2025 Judgment pronounced on: 01 .07.2025 + O.M.P.(I) (COMM.) 397/2024, CRL.M.A. 9760/2025, I.A. 2377- 78/2025 BELVEDERE RESOURCES DMCC .....Petitioner Through: Mr. Gauhar Mirza, Ms. Shivi Chola, Advs. versus OCL IRON AND STEEL LTD & ORS. .....Respondents Through: Mr. Krishnaraj Thaker, Sr. Adv. with Mr. Anand Sukumar, Mr. S. Sukumaran, Mr. Bhupesh Kumar, Ms. Ruche Anand, Advs. CORAM: HON'BLE MR. JUSTICE JASMEET SINGH JUDGMENT : JASMEET SINGH, J 1. This is a petition filed under section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) seeking the following prayers:- “ a. Pass an interim order or measure or direction directing the Respondents to furnish monetary security to the extent of USD 2,777,000/-[INR 23.34 Cr approximately], along with interest as applicable by law, by way of an unconditional 2. Petitioner is a company incorporated in UAE and provides quality and bespoke services including selling of coal. OCL Iron and Steel Ltd., respondent No. 1 (hereinafter referred to as R1) is engaged in production of coal based direct reduced iron as well as making of steel. 3. O