1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL JURISDICTION NOTICE OF MOTION NO. 93 OF 2008 IN ARBITRATION PETITION NO. 381 OF 2007 M/s. Kotak Mahindra Bank Ltd. .... Petitioner. V/s. Mr. Subhash Karwa & Ors. .... Respondents. ....... Mrs. Asha Nair i/b. M/s. Mahesh Menon & Co. for the Petitioner. Mr. Khan Javed Akhtar for the Respondents. Mr. Gajanan Surve, representative of Court Receiver present. ........ CORAM : DR. D.Y. CHANDRACHUD, J. 23RD JANUARY 2008. P.C. :- The Notice of Motion has been taken out for recalling an order dated 19th October 2007 passed by Mr. Justice S.C. Dharmadhikari. The order came to be passed in a petition instituted under Section 9 of the Arbitration and Conciliation Act, 1996. The Applicant had taken a vehicle loan in pursuance of an agreement dated 31st March 2005 in the amount of Rs.12 lakhs and had purchased a mini bus. The order of the 2 Court notes that save and except of an amount of Rs.1,07,011/- no further payments have been made. The learned Single Judge noted that the vehicle has not even been registered with the authorities and it was apprehended that the vehicle may be disposed of. The Applicant to the motion had failed to appear. In the circumstances, the Court Receiver came to be appointed as Receiver and there was a direction that after taking possession of the vehicle, the Receiver will submit a report to the Court and subject to the directions of the Court allow the Applicants to ply the vehicle as his agent. The Motion has been taken out for recalling the aforesaid order. At the hearing of the motion, I had indicated that some indulgence may be shown to the Applicants, provided they were ready and willing to show their bona-fides by depositing the outstanding dues of the Petitioner in Court by installments, so as to enable them to continue to ply the vehicle in the meantime. Counsel appearing on behalf of the original Petitioner had, in fact, stated on instructions that though the loan has been recalledsf, there will be no objection if the Applicants were ready and willing to deposit the outstanding dues in the 3 Court in monthly installments by 30th November 2008. On instructions, Counsel appearing on behalf of the Applicants to the Motion (the original Respondents) states that the Respondents are not in a position to pay the dues. The order passed by the Court on 19th October 2007 is just and fair and safeguards the security of the bank which had advanced monies for the purchase of the vehicle . Evidently, the Respondents are not ready and willing to pay the outstanding dues. Therefore, after hearing Counsel on merits, I am of the view that no case for the grant of any relief has been made out. The motion is accordingly dismissed. Counsel appearing on behalf of the Applicants (the Original Respondents to the Petition) states that the vehicle is being parked at Jawahar Industrial Estate, Opposite Mac Donalds, Plot No.22, Kamothe, Kalamboli, and that possession shall be handed over to the Receiver at 11.00 a.m. on 29th January 2008. 4