JUDGMENT : Sandeep Sharma, J. By way of instant Execution Petition filed under Order XXI Rule 11 of the Code of Civil Procedure, prayer has been made on behalf of the petitioner (hereinafter referred to as the Decree Holder), for execution of award dated 16.6.2016, passed by the learned Arbitrator. 2. As per the detail furnished in the execution petition, as referred hereinabove, a sum of Rs.31,09,963/- is payable by the respondents (hereinafter referred to as the Judgment Debtors) on the date when execution petition came to be filed. Decree Holder has also claimed a sum of Rs.939/- per day, apart from aforesaid amount till realization of the entire award amount. Since learned Arbitrator also awarded a sum of Rs. 1,50,000/- on account of cost of litigation and expenses, Decree Holder has also claimed the same by way of instant execution petition. 3. Despite repeated opportunities, Judgment Debtors failed to file the reply/objection, if any. Record reveals that case at hand though was initially taken on 29.5.2017, but thereafter came to be adjourned 17 times on the request having been made by the Judgment Debtors, but till date no reply/objection has been filed. 4. True, it is that during the pendency of the case, this Court was informed that objection under Section 34 of the Arbitration and Conciliation Act, laying therein challenge to the award sought to be executed in the present proceedings, stands filed, but till date no order staying the operation of award, if any, passed by the Court in arbitration proceedings has been made available. Today, during the proceedings of the case, it has been informed that a sum of Rs. 17,98,553/- vide cheque No.376105, dated 22.9.2018 and Rs. 19,03,405/- vide cheque No.000014, dated 4.4.2019, have been deposited in the Registry of this Court in terms of the award sought to be executed in the instant proceedings. Neither any plausible explanation has been rendered on record by the Judgment Debtors for not releasing the aforesaid amount in favour of the Decree Holder nor order, if any, staying the operation of the award has been placed on record and as such, this Court has no option, but to release the award amount lying deposited in the Registry of this Court in favour of the Decree Holder. 5. 5. The Hon'ble Apex Court in Board of Control for Cricket in India versus Kochi Cricket Private Limited and others, (2018) 6 SCC 287 , has held that mere filing of objection under Section 34 of the Arbitration and Conciliation Act ,would not amount to stay of the award, rather specific order in this regard is required to be passed. 6. Mr. C.N.Singh, learned counsel representing the Decree Holder states that in case amount lying deposited in the Registry of this Court is ordered to be released in favour of the Decree Holder, present execution petition filed by Decree Holder can be ordered to be disposed of, being fully satisfied. He further fairly states that though no stay order till date has been passed in the Arbitration Case No.96 of 2016 filed by the Judgment Debtors, but still Decree Holder is ready and willing to furnish bank guarantee in favour of the Registrar General of this Court qua the aforesaid amount, which offer is otherwise acceptable to learned counsel representing the Judgment Debtors. 7. Consequently, in view of the above, present execution petition is disposed of, being fully satisfied. The award amount lying deposited in the Registry of this Court is ordered to be released in favour of the Decree Holder, subject to his furnishing bank guarantee in favour of the Registrar General of this Court for a period of two years, which may be further renewed subject to the orders passed in the Arbitration case filed under Section 34 of the Arbitration and Conciliation Act, by remitting the same in the bank account of the Decree Holder, details whereof are given in para 5 of the application(CMP No.265 of 2019), subject to verification by the Accounts Branch. Pending application(s), if any, also stands disposed of.