1 arbp1176-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1176 OF 2010 Citicorp Finance (India) Ltd. ....Petitioner V/s. M/s.Amity Constructions & Anr. ....Respondents Mrs.Shakuntala Joshi with Mr.J.C. Shivani i/b S.I. Joshi & Co. for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 30TH NOVEMBER, 2010. P.C. :- 1. The petition has been filed under section 9 of the Arbitration and Conciliation Act, 1996. 2. According to the petitioner, the amounts over Rs.26,00,000/- is due and payable by the respondents under a loan-cum-hypothecation agreement entered into between the petitioner and respondent No.1. Respondent No.2 is a guarantor. 3. By an interim order dated 17.9.2010, I had appointed a Court Receiver and granted an injunction. I have already permitted the Court Receiver to appoint respondent No.1 as an agent but without security or royalty. The respondents were absent at that stage. 4. By an order dated 11.10.2010, I recorded the statement on behalf of respondent No.1 that a sum of Rs.5,00,000/- would be paid to the 2 arbp1176-10 petitioner on or before 18.10.2010. 5. The said sum of Rs.5,00,000/- was paid on 28.10.2010. On the next day, it appears that the consent terms were signed by the petitioner and respondent No.1 only. The consent terms were filed before the arbitrator. Under the consent terms, the parties have agreed by making lump-sum payment of Rs.12,90,000/-. After giving the credit to the said sum of Rs.5,00,000/-, it was noted that the balance amount of Rs. 7,90,000/- was payable on or before 28.11.2010. Clause 4 of the consent terms provide that in the event of the respondents failing to make the said payment, the entire amount of Rs.26,45,217/- would become payable. 6. The said sum of Rs.7,90,000/- was not paid. The respondents and their advocate are absent though the matter was called out twice. 7. In the circumstances, the petition is made absolute in terms of prayer (a) except the words bracketed earlier in red. 8. Till the Court Receiver takes possession, order in terms of prayer (c).