the arbitral tribunal. The amount awarded in relation to the remaining claims is approximately Rs 18 crore. 12. The High Court granted a stay on the operation of the award subject to the respondent furnishing a bank guarantee for the principal amount awarded to the appellant, i.e. Rs 21,07,66,621. It held that it was not inclined to issue orders in relation to the interest and the costs awarded to the appellant because “the petitioner is not a fly-by operator and is a statutory undertaking.” The law qua arbitration proceedings, in our view, cannot be any different merely because of the status of the respondent as a statutory undertaking. 13. In this regard, it is necessary to advert to a decision of a two-Judge Bench of this Court in Pam Developments Private Limited v State of West Bengal4 where it was observed: “20. In our view, in the present context, the phrase used is “having regard to” the provisions of CPC and not “in accordance with” the provisions of CPC. In the latter case,