pvr 1 Al164-11 IN THE HIGH COURT JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION APPEAL (LODG)NO.164 OF 2011 IN ARBITRATION PETITION NO.45 OF 2011 Jitendra H.Shah. ...Appellant vs. 1.Kotak Mahindra Bank & Anr. ...Respondents --- Mr.M.S.Bhandari, for Appellant. Mr.Ashish Kamat i/b. M/s.V.Deshpande & Co., for Respondent no.1. --- CORAM: D.K.DESHMUKH & R.G.KETKAR, JJ. DATED: 13th June,2011 P.C.: By consent of parties, the appeal is disposed of in the following terms:- 1. On the Appellant depositing an amount of Rs.10,00,000/- (Rupees Ten lakhs only) in this pvr 2 Al164-11 Court within a period of Sixty days from today, the Award of the Arbitrator impugned in Arbitration Petition no.45 of 2011 shall stand set aside. The amount shall be deposited with due intimation to the Respondent-Bank. 2. On the amount being deposited by the appellant, out of that amount of Rs.10 lakhs, an amount of Rs.6 lakhs shall be permitted to be withdrawn by the Respondent-Bank, on the Respondent-Bank filing an undertaking in this Court to redeposit the amount if so directed either by this Court or by the Arbitrator and on such terms and condition as may be directed. 3. The balance amount of Rs.4 lakhs shall be invested in fixed deposit in a nationalised bank. 4. The parties shall appear before the Arbitrator on 22.8.2011. The Arbitrator thereafter shall proceed in accordance with law pvr 3 Al164-11 and make a fresh Award. The Arbitrator shall also make appropriate order in his Award in relation to the amount that is being deposited by the Appellant in this Court. 5. Till the Appellant deposits the amount in this Court, the property of the Appellant which has been attached in execution shall continue to be attached. Obviously on deposit of the amount, the attachment will come to an end. The order of the learned Single Judge which is impugned in the appeal shall also stand set aside on the Appellant depositing the amount. If the Appellant fails to deposit the amount, this appeal shall be treated as dismissed. 6. Within a period of one week from today, the Respondent-bank shall communicate to the Advocate appearing for appellant, the correct address of the Arbitrator alongwith the copy of the statement of claim. pvr 4 Al164-11 7. If any record is received from the Arbitrator, it be sent back to the Arbitrator. (D.K.DESHMUKH,J.) (R.G.KETKAR,J.)