- 1 - 904.arbp.669.11 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.669 OF 2011 M/s.Tata Capital Ltd. ..Petitioner -Versus- M/s.Plakon Consulting Pvt. Ltd. & Ors. ..Respondents .......... Mr.Chetan Kapadia a/w. Mr.Durgesh Singh, Mr.Rahul Gade i/b India Law for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 17TH AUGUST 2011. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 Prima-facie, an amount of about Rs.8 lacs is due and payable by the respondents to the petitioner in respect of the facilities granted by the petitioner to respondent no.1 and guaranteed by the other respondents. The repayment was secured by an equitable mortgage and hypothecation of the properties referred to at Exhibits ‘D-1’ & ‘E-1’ respectively. Although the respondents have repaid a substantial part of the loan. It is pertinent to - 2 - 904.arbp.669.11 note that the cheques issued by the respondents for the balance amount have been dishonoured. 3 In the circumstances, the petitioners are entitled for protection of their rights pending the arbitration proceedings. 4 The petition is, therefore, disposed of by the following order : (i) The petition is made absolute in terms of prayer (a) except the words bracketed in red. The Court Receiver shall however appoint the respondents as is agent, without security but subject to payment of royalty at this stage. Till the Court Receiver takes possession, order in terms of prayer (b). The petition is accordingly disposed of. 5 This order shall remain in force till the award is made and for a period of twelve weeks thereafter. -