AJN 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL NO.434 OF 2008 IN ARBITRATION PETITION NO.401 OF 2008 M/s. PVR Pictures Limited .... Appellants Vs. M/s. Good Cinema Company (P) Ltd. & Anr. .... Respondents Mr. Iqbal Chagla, senior counsel with Mr. Karam Advani and Mr. Sanjeev Puri i/b Hemant Sethi & Co. for the appellants. Mr. Janak Dwarkadas, senior counsel with Mr. A.Y. Bookwala, senior counsel i/b M/s. Ranjit & Co. for the respondents. CORAM : SMT. RANJANA DESAI & K.K. TATED, JJ. DATED : 24TH OCTOBER, 2008. P.C. :- 1. We have heard learned counsel for the parties at some length. In our opinion, at this stage, the following order should meet the ends of justice and the appeal and the petition filed by the appellants under section 9 of the Arbitration & Conciliation Act, 1996 (for short, “the said Act”) can be disposed of in terms of the AJN 2 following order, which records the statements made by learned counsel for the parties on behalf of their respective clients. 2. Without prejudice to the rights and contentions of the respective parties, the respondents undertake to deposit a sum of Rs.1 crore within a period of two weeks from today with the Registrar (O.S.)/Prothonotary & Senior Master, High Court, Bombay. The respondents further undertake to furnish a Bank Guarantee in the sum of Rs.1 crore within a week thereafter to the satisfaction of the Registrar (O.S.)/Prothonotary & Senior Master. The Registrar (O.S.)/Prothonotary & Senior Master shall invest the amount of Rs.1 crore in any nationalized bank on usual terms. 3. This arrangement shall remain in force for a period of 10 weeks from today. In the meantime, the appellants/petitioners undertake to approach learned Arbitrator under section 17 of the said Act for appropriate orders. Needless to say that learned Arbitrator will be free to deal with the application filed by the appellants/petitioners uninfluenced by the present order and the impugned order. Since this is an interim arrangement made without considering the merits of the case and by recording AJN 3 statements made by learned counsel for the parties, learned Arbitrator will be free to vacate this order and pass a fresh order on merits, in place thereof if he so desires. 4. Undertakings given by learned counsel on behalf of their respective clients are accepted by this court. Liberty to learned counsel to approach this court, if the circumstances so demand. 5. Appeal as well as the Arbitration Petition No.401 of 2008 are disposed of in the aforestated terms. [SMT. RANJANA DESAI, J.] [K.K. TATED, J.]