Arbp729.09 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 729 OF 2009 Kotak Mahindra Bank Ltd. ...Petitioner. Vs. Venu Narayan Nair ...Respondent. Mr. Chinmay Gupte i/by M/s. Mohit Gadkari & Co. for the Petitioner. Mr. D.A. Athavale for the Respondent. CORAM :- ANOOP V. MOHTA, J. DATED :- 15th JANUARY, 2010. P.C.- 1 The Petitioner has invoked Section 9 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) alleging that the Respondent has not made the payment regularly. Accepting the said statement, the Court has admitted the matter on 8th October, 2009 and granted relief in terms of prayer clause (e). 2 The Respondent has, now filed reply and makes statement that there was no serious defaults except 2 or 3. He has made the payments regularly. Paragraph No.4 reflects the case, as well as, the statement, apart from other paragraphs. Therefore, the action so initiated by the Petitioner, on the basis of default, is uncalled for. The Financial Institutions should not take Arbp729.09 2 such drastic steps and filed such petition, merely because there is a partial default. 3 Considering the recession in question, it is desirable and accepted that the financial institutions should not take such a drastic action for 2 or 3 defaults. 4 Resultantly, the present Petition is dismissed with costs of Rs.5,000/- (Rupees five thousand only) to be paid to the Respondent, on or before 15/02/2010. 5 However, the liberty is granted to the Petitioner to take appropriate steps, if there is subsequent default. (ANOOP V. MOHTA, J.)