1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION rpa COMPANY APPLICATION NO. 65 OF 2010 IN COMPANY PETITION NO. 86 OF 2009. Mesuka Engineering Company Pvt Ltd. .. Applicants v/s. P. N. Writer & Co. Pvt. Ltd. .. Respondents. .... Mr. Zal Andhyavujina a/w. Manorama Mohanty i/b. S. K. Srivastav & Co. for the Applicants. Ms. Uma Wagle for Respondents. .... CORAM : S. J. KATHAWALLA, J. DATE : MARCH 4, 2010. P.C. By this Application, the Applicants are seeking to withdraw a sum of Rs. 50 lacs deposited by the Respondent pursuant to the order dated 23rd September, 2009 passed by this Court in the above Company Petition on such terms and conditions as this Court deem fit and proper in the circumstances of the case. 2. By the said order dated 23rd September, 2009, which was passed by consent of the parties all the disputes between the parties are referred to the sole arbitration of P. S. Ambike, Former 2 Chief Engineer CIDCO. The Arbitrator was required to pass his final award within a period of six months. Though the claims of the petitioner were disputed by the Respondent, the Respondent, pending the Arbitration proceedings deposited an amount of Rs. 50 lacs with the Prthonotary and Senior Master. The Company Petition is disposed of. 3. Admittedly, the parties have not consented that the Petitioner will be allowed to withdraw the sum of Rs. 50 lacs deposited with the Prothonotary and Senior Master, High Court, if the final Award is not passed by the Arbitrator within a period of six months from the date of the said order. The Respondent also has a counter claim against the Applicants aggregating to Rs. 98,83,418.23. In fact, it is the case of the Respondents in paragraph 3 of their affidavit-in-reply that the Applicant is responsible for the delay caused in the arbitration proceedings. In view thereof, the question of allowing the Petitioner to withdraw the said amount of Rs. 50 lacs with or without security, does not arise. 4. However, the following order is passed by consent of the parties. 3 :: O R D E R :: i. The Prothonotary and Senior Master, High Court, Bombay is directed to invest the amount of Rs.50 lacs deposited by the Respondent Company with a Nationalized Bank initially for a period of six months and thereafter renew the same, by consent of the parties or after seeking directions from this Court. ii. The Arbitrator shall endeavour to pass his Award on or before 31st August, 2010. 5. The Company Application is, accordingly, disposed of. [ S. J. KATHAWALLA, J. ]