1 arbp556-10 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.556 OF 2010 Revindra M. Karia ....Petitioner V/s. Pramod M. Karia & Ors. ....Respondents Mr.Sanjay Kothari with Ms.H.N. Vakil and Mr.Sunil Chavan i/b Mulla & Mulla & C. B. & C. for the Petitioner. Ms.Shruti Desai i/b M/s.Shruti Desai & Co. for Respondent Nos.1 to 3. CORAM : S.J. VAZIFDAR, J. DATE : 28TH JUNE, 2011. P.C. :- 1. The following order is passed with the consent of the parties :- i) The godown referred to in prayer (a) of the petition and clause 3 of the family arrangement and settlement (Exhibit “A” to the plaint), shall be sold by the Court Receiver to the parties in these proceedings, who bid highest or their nominee/s. The parties shall tender their bids to the Court Receiver latest by 31.7.2011. The Court Receiver shall hold a meeting at 3.00 p.m. on 8.8.2011 whereat he will permit the parties to improve their bids. The same shall be on as is where is basis and on the usual terms and conditions of the Court Receiver. The sale proceeds shall be deposited in the Court. Thereupon the same shall be invested in fixed deposit of a nationalized bank initially for a period of two years and thereafter for like periods of two years each. 2 arbp556-10 ii) On 8.11.2011, the second respondent along with his family members shall hand over quiet, vacant and peaceful possession of the property described in prayer (c)/clauses 13 and 14 of the family arrangement to an officer of this Court appointed by the Prothonotary and Senior Master on the same day. The officer shall thereafter put the petitioner in possession of the property viz. Aum Darshan. Upon being put in possession of Aum Darshan, the petitioner shall not without the leave of the Court dispose of, alienate, encumber, part with possession of or create any third party rights therein till the award is passed. The same will be subject to award. iii). The petitioner along with his family members shall hand over quiet, vacant and peaceful possession of the property described in prayer (e) of the petition and clauses 13 and 14 of the family arrangement to the said officer. The parties agree and undertake to dispose of their rights in the property described in prayer (e) i.e. Bharti Niketan including by surrendering the tenancy rights to the landlord. In the event of the parties not disposing of their rights in respect of the property i.e Bharti Niketan on or before 30.11.2011, the Court Receiver, High Court, Bombay shall stand appointed as the Receiver in respect thereof. Liberty to the parties to apply for appropriate directions in respect thereof. iv) The parties are at liberty to make an application under section 17 of the said Act before the learned arbitrator for any other relief including the reliefs as prayed for in the petition. 2. The petition is accordingly disposed of. No order as to costs.