1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO.1416 OF 2008 Pentagon Developers & Ors. .. Petitioners Versus Bank of India & Ors. .. Respondents Mr.Y.S.Jahagirdar, Senior Advocate with A.G.Damle for petitioners Mr.P.B.Shah for respondent No.3. CORAM : S.C.DHARMADHIKARI, J. DATE : 25th March 2008 P.C. . Petitioners have filed this petition challenging interim order. The lower appellate court has by a judgement and order dated 27th 2 August 2007 confirmed the order dated 12th July 2007 of the trial court in Special Civil Suit No.1039 of 2007. Mr.Jahagirdar, learned Senior Counsel for petitioners submits that as a result of interlocutory orders and refusal to permit operations of the bank accounts, the affairs of the partnership firm have come to a stand still. 2. He submits that detailed findings are rendered at the interlocutory stage with regard to disputes. He submits that upon appropriate conditions bank account may be allowed to be operated by the petitioners. Petitioners are agreeable to provide bank guarantee in the sum of Rs.75 lakhs and upon such bank guarantee being given in favour of the contesting respondent No.3, the bank accounts may be allowed to be operated. 3. Both sides do not dispute that the bank accounts are with respondent Nos. 1 and 2 banks 3 at their branches specified in the cause title. These are the only bank accounts which would be allowed to be operated by the petitioners and strictly without prejudice to the rights and contentions of both sides. Further, both sides agree that the dispute regarding accounts in the suits can be referred to arbitration of chartered accountant based in Pune. Learned Counsel for both sides indicate that the parties would finalise the name of C.A. within a period of two weeks from today and have their disputes referred to him. Similarly, it is agreed that if the petitioners furnish bank guarantee in the sum of RS.75 lakhs without prejudice to the rights and contentions of both sides in the pending arbitration and the civil suit, bank account with respondent Nos. 1 and 2 banks shall be allowed to be operated and petitioners shall furnish monthly statements thereof to respondent No.3. 4. Mr.Jahagirdar, learned Senior Counsel 4 after taking instructions makes a statement that the bank guarantee would be furnished within one week from today. In the light of the above agreed arrangement, which is purely interim and ad-hoc so also without prejudice, the orders under challenge are set aside and the petition disposed of. Needless to state that the dispute between the parties is regarding the accounts of the firm and therefore, it is only that dispute which is referred to the arbitration. In the light of the arrangement arrived at between the parties in this petition, liberty is granted to the petitioners to apply for staying further proceedings in Suit No.1229 of 2006. All concerned to act on an authenticated copy of this order. (S.C.Dharmadhikari, J)