An agreement was entered into between the appellant and the respondent on 1.8.1994 under which the respondent was to supply certain goods to the appellant during the period January, 1995 to June, 1996. Certain disputes cropped up in the course of the execution of the agreement. The agreement provided for arbitration. The appellant filed a claim petition before the International General Produce Association (IGPA) a body nominated by the appellant as the Arbitrators. The Arbitrators, after entering into reference, received evidence and thereafter passed an Award on 13.8.1996 allowing the claims of the appellant. The appeal filed by the respondent against the Award before the IGPA Appellate Board was dismissed on 14.11.1998. Further the appeal filed by the respondent before the Queens Bench Division of the High Court of Justice at London was also dismissed on 29.1.1999. The appellant filed an execution application in August 1998 before the High Court of Delhi for enforcement of said foreign Award dated 13.8.1996. An order of attachment was issued by the High Court against the respondent. The respondent filed an application under Section 151 CPC (E.A. 347 of 1998) seeking dismissal of the execution petition. The respondent also filed O.M.P. No. 203 of 1998 under Section 48 of the Arbitration and Conciliation Act, 1996 (for short the ‘Act). The High Court varied its order of attachment and ordered the respondent to lodge security. A learned Single Judge of the High Court held that the execution application filed by the appellant for enforcement of foreign Award dated 13.8.1996 was not maintainable under the Act as the arbitration proceedings were commenced prior to the coming into force of the Act and dismissed the execution petition, consequently released the security of 1.74 crores furnished by the respondent. The appellant filed Special Leave Petition No. 7674 of 1999 before this Court challenging the order passed by the learned Single Judge. This Court disposed of the Special Leave Petition observing that the order of the learned Single Judge was appealable under Section 50(1)(b) of the Act. In this view, the appellant filed FAO (OS) No. 284 of 1999 before Division Bench of the High Court. The Division Bench of the High Court by the impugned judgment and order dismissed the appeal saying that there was no fallacy in the reasoning of the learned Single Judge. Under these circumstances, the appellant is before this Court in this appeal assailing the impugned judgment and order.