1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 523 OF 2009 Indusind Bank Limited, Sanghrajka House, 3rd Floor, 431 Lamington Road, Opp. Dena Bank, Opera House, Mumbai- 400 004. ...Petitioner. Vs. Ansar Ahmed Siddique & Ors. ...Respondents. Mr. Amol B. Desai for the Petitioner. None for the Respondents. CORAM :- ANOOP V. MOHTA, J. DATED :- 1st October, 2009. ORAL JUDGMENT:- 1 The Petitioner has invoked Section 9 of the Arbitration and Conciliation Act, 1996 (for short, the Act) as Respondents committed defaults in making the payment of vehicle loan. The Respondents have been using the same without making due payments. An affidavit of service is part of the record. The matter is pending since July, 2009. None appeared for the Respondents. 2 The averments so raised in the petition, remained uncontroverted 2 with regard to the liability as well as the apprehension so raised. 3 On 13th July, 2009 this Court has already granted ad-interim relief in terms of prayer clause (c). 4 In view of above, I am inclined to grant prayer clause (f) with the modification that Respondents to furnish the solvent security, subject to the satisfaction of the Petitioner instead of Bank Guarantee. The Respondents to furnish solvent security on or before 10th December, 2009. 5 The interim order, already granted in terms of prayer clause (c) shall continue till the parties settled the matter and or furnish the solvent security as ordered. 6 Liberty is granted to the Respondents to settle the matter and or apply for modification of this order in vacation also. Liberty is also granted to take appropriate pleas/defences before the Arbitral Tribunal, if so constituted. 7 Resultantly, the Petition is allowed in terms of prayer clauses (c) and (f) only, with liberty. No order as to costs. (ANOOP V. MOHTA, J.)