*1* arbp.483.10.sxw kps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION No.483/2010 Reliance Capital Ltd.. ..Petitioner V/S Shalimar Rexine India Ltd. and another. ..Respondents .......... Mr.Rahul Mehta a/w Mr.Nikhil Mehta i/b KMC Legal Venture, for the Petitioner.. Mr.Jafer B. Shaikh, for the Respondent Nos.1 and 2. .......... CORAM : S.J. VAZIFDAR, J. DATE : 08th September, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The Petitioner seeks to secure the repayment of the loan granted by it to the Respondents. The Respondent No.2 is a co-borrower. According to the Petitioner, the amount of Rs.27,60,971/- is due and payable by the Respondents to the Petitioner. 3 The learned counsel appearing for the Respondents states that the Petitioner has not furnished the statement of accounts. 4 Affidavit in reply does not even state that any part of the claim has been repaid. It is not event suggested that the principal amount has been repaid. Though the rate of interest is not mentioned in clause 4(m), it is mentioned in the schedule to the agreement. Exhibit-A to the affidavit-in-reply is a letter dated 21.10.2009 addressed by the Respondent No.1 to the BIFR which proposes a reference under Section 23 of the SICA, 1985. No details regarding what transpired in pursuant *2* arbp.483.10.sxw thereof have been stated. 5 It is stated that the Respondents do not own the properties mentioned at Item No.2 in Exhibit-C and that they only have an interest under the Leave & Licence agreement in respect thereof. The injunction, therefore, I propose to grant would operate to whatever rights, title and interest that the Respondents have in respect of the properties mentioned in Exhibit-C. Needless to add, this order would also operate subject to any other encumbrances that would have been created in the property. 6 In the circumstances, the Petitioner’s rights require to be protected. The petition is, therefore, made absolute in terms of prayers (c) and (e) except the words bracketed in red. 7 This order shall continue pending the making of an award and in the event it being in favour of the Petitioner, till the enforcement of the award. 8 The Petitioner shall furnish a further copy of the statement of accounts as on 31st August, 2010 to the Respondents’ Advocate within a period of two weeks from today. 9 The petition is, accordingly, disposed of. -