of an award may be granted. Similarly, the form of security required to be furnished should not depend on whether a party is a statutory or other governmental body or a private entity. Governmental entities must be treated in a similar fashion to private parties insofar as proceedings under the Arbitration Act are concerned, except where otherwise indicated by law. This is because the parties have entered into commercial transactions with full awareness of the implications of compliance and non-compliance with the concerned contracts and Page 9 of 11the consequences which will visit them in law. Hence, the argument that the High Court was correct in directing the respondent to furnish bank guarantees in relation to the amount awarded because it is a statutory body is rejected. 16. In Toyo Engineering Corpn. v. Indian Oil Corpn. Ltd.,5 this Court reiterated the same principle in the following terms: “3. This Court repeatedly having held that Order XLI Rule 5 principles are to be