1 arbp688-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.688 OF 2010 Vikram C. Shah & Anr. ....Petitioners V/s. Nicholas Fernandes & Ors. ....Respondents Mr.Anwar Landge with Mr.Harshad Bhadbhade i/b Ms.Swati Sawant for the Petitioners. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 16TH NOVEMBER, 2010. P.C. :- 1. The petition has been filed under section 9 of the Arbitration and Conciliation Act, 1996. 2. The parties had executed an M.O.U. dated 12.5.2007. In the M.O.U. the respondents are referred to as the parties of the first part and the petitioners are referred to as the parties of the second part. A property was to be acquired jointly by the parties for a consideration of about Rs. 1.50 crores. Rs.90,00,000/- was to be paid by the petitioners and Rs. 60,00,000/- was to be paid by the respondents. The petitioners had paid Rs.90,00,000/-.The property has been acquired in the name of respondent No.1 only. Prima-facie this is contrary to the terms of the M.O.U. Clause 2 whereof specifies that the sale-deed would be executed in the name of respondent No.1 and petitioner No.2 who undertook that they would have 2 arbp688-10 purchased the property for and on behalf of all the parties. 3. The respondents are absent despite being served. There is no affidavit in reply. In view of the above facts, the rights of the petitioners are required to be protected. 4. The petition is made absolute in terms of prayer (a). If the petitioners does not take steps for the appointment of an arbitrator on or before 30.11.2010, this order shall stand vacated without further reference to the Court. No order as to costs.