Where a dispute has been referred to the Registrar under section 72 or transferred or referred to arbitration under clauses (b) and (c) of sub-section (1) of section 73, the Registrar, or the person invested with the powers to decide such dispute or the arbitrator, as the case may be, if satisfied on inquiry or otherwise that a party to such arbitration with intent to delay or obstruct the execution of any award that may be made-
(a) is about to dispose of the whole or any part of his property; or
(b) is about to remove the whole or any part of his property from the jurisdiction of the Registrar;
may, unless adequate security is furnished, direct a conditional attachment, and such attachment shall have the same effect as if made by a competent civil court.