1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 532 OF 2009 Tata Capital Limited A company incorporated under the Companies Act, 1956 having its registered office at One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai-400 001 and inter alia having its office at DGP House, 4th Floor, Old Prabhadevi Road, Mumbai – 400 025. ...Petitioner. Vs. Kirti Nathalal Vedia, Flat No. 302, Building No. 36, Evershine Millenium Paradise, Thakur Village, Kandivali East, Mumbai-400 101. ...Respondent. Mr. Nikhil Mehta with Mr. Rahul Mehta i/b. KMC Legal Venture for the Petitioner. Mr. B.G. Vaidya with Mr. G. Mishra for the Respondent. CORAM : ANOOP V. MOHTA, J. DATED : 25th SEPTEMBER, 2009. ORAL JUDGMENT : 1 The Petitioner has invoked Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred as, the Act), as the Respondent 2 committed default in making payment towards the loan agreement having arbitration clause. The Arbitrator has already been appointed. 2 The Respondent is appearing before the Arbitrator also. 3 Considering the averments made and in view of the reply filed, there is no basic denial to the liability. The learned counsel appearing for the Respondent, however, makes statement, on instructions that they are ready to settle the matter and will pay whole amount by 31st December, 2009. Considering this, I am inclined to observe as under:- 4 The Respondent to furnish solvent security to the sum of Rs.2,48,691/- by 31st December, 2009 and or settle the matter. The liberty is also granted to raise appropriate plea or defence before the Arbitral Tribunal, if any. 5 The Petition is accordingly allowed. This order shall continue till the enforcement of the award under Section 36 of the Act, only in case the parties failed to settle the matter. 6 No costs. (ANOOP V. MOHTA, J.)