An arbitral AWARD is passed and the losing party files an application to set it aside under Section 34 of the Act, but does not obtain any interim order. Regarding the ENFORCEMENT of the award, the correct position is:

Section 36 of the Arbitration and Conciliation Act provides that an award becomes ENFORCEABLE upon expiry of the challenge period, and that FILING AN APPLICATION TO SET ASIDE the award does not by itself render the award unenforceable - unless the court grants a stay of execution, which, for a money award, may be conditioned on the deposit of adequate security. Thus, a Section 34 application without a stay leaves the award enforceable. The 2015 amendment abolished the former automatic stay. Section 34 applications therefore must be coupled with a specific application for stay if further relief from execution is sought.