1 jpc/- IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 804 OF 2009 M/s Sino Ocean Limited .. Petitioner Versus M/s Savi Chemicals Industries Ltd. .. Respondent Mr. Rahul Narichania a/w Ms. Preeti Shah a/w Ms. Varsha Jain a/w Mr. Kartik Tiwari i/by Motiwala and Co. for the Petitioner Mr. A. Y. Bookwala, Senior Counsel a/w mr. S.R. Shukla i/by M/s SRS Legal for the Respondent. CORAM : S. J. KATHAWALLA, J. DATE : 7th April, 2010 P.C.: The following order is passed by consent of the parties. i. The Respondent Company shall deposit an amount of Rs. 1,50,00,000/- (Rupees one crore fifty lacs only) with the Prothonotary and Senior Master, High Court, Bombay, within a period of four weeks from today. ii. In the event of failure on the part of the Respondent Company to deposit the amount of Rs.1,50,00,000/- within four weeks from today, the Company petition shall revive and stand admitted without reference to this Court and advertised in Free Press Journal 2 (English), Maharashtra Times (Marathi) and the Maharashtra Government Gazette. The Advocate for the Petitioner shall deposit Rs.10,000/- with the Prothonotory & Senior Master, within one week from the date of default towards publication charges. iii. Upon deposit of the amount set out in clause (i) above by the Respondent Company, the Prothonotary and Senior Master shall invest the same in a Nationalised Bank initially for a period of six months and thereafter as per the directions of this Court. iv. The disputes between the parties forming subject matter of this Company Petition as well as the Summary Suit No. 432/2010 are referred to the sole Arbitration of Mr. Salil Shah, Advocate who shall pass his Award within a period of four months from the date of the first meeting held before him. v. The Arbitration expenses shall be borne by the parties equally. vi. Pending the arbitration proceedings and passing of the Award, and final disposal of the petitions, challenging the Award, if any, the petitioner shall not pursue Criminal Case No. 2093/SS/2009 pending before the 43th Metropolitan Magistrate Court, Borivali and shall have the same adjourned periodically. vii. If the Award passed by the learned Arbitrator is in favour of the Petitioner and the amount payable to the Petitioner by the Respondent Company under the said Award exceeds the amount deposited by the Respondent Company ( i.e. Rs.1,50,00,000/-), the 3 Respondent Company shall deposit with the Prothonotory & Senior Master, within a period of four weeks from the date of service of the Award on the parties, the said additional amount, which shall also be invested by the Prothonotory and Senior Master in a Nationalised Bank, initially for a period of six months and thereafter as per the directions of this Court. viii. In the event of the Award being adverse to the petitioner, the Respondent Company shall not withdraw the amount of Rs. 1,50,00,000/- for a period of sixty days from the date of service of the Award to enable the petitioner to file a petition challenging the Award and seek appropriate ad interim/ interim orders in the petition. ix. After passing of the award and the final orders passed in the Petitions challenging the award, if any, the petitioner shall withdraw the Criminal Case No. 2093/SS/2009 pending before the 43th Metropolitan Magistrate Court, Borivali. x. The Company petition is accordingly disposed of. (S. J. KATHAWALLA, J.)