1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL JURISDICTION ARBITRATION PETITION(LODG.) NO. 158 OF 2008 Atlas Equifin Private Limited and Anr. .... Petitioners. V/s. SPE Mauritius Holdings Limited and Ors. .... Respondents. ....... Mr. Saleh Doctor, Sr. Counsel with Mr. Gautam Patel and R.A. Kapadia i/b. Gandhi & Associates for the Petitioners. Mr. I.M. Chagla, Sr. Counsel with Ms. Niti Dixit, Mr. I.J. Nankani and Mr. Shankh Sengupta i/b. M/s. Nankani & Associates for Respondents 1 and 2. Mr. Janak Dwarkadas, Sr. Counsel with Mr. Shrikant Doijode, Mr. Parag Kabadi and Mr. Vatsal Shah i/b. Doijode Associates for Respondent 3. ........ CORAM : DR. D.Y. CHANDRACHUD, J. 5TH MARCH 2008. P.C. :- During the course of the arguments before the Court in proceedings instituted under Section 9 of the Arbitration and Conciliation Act, 1996, Senior Counsel appearing on behalf of the Petitioners, and 2 Senior Counsel appearing on behalf of Respondents 1 and 2 on the one hand and Respondent 3 on the other, have requested the Court to pass the following order with the consent of parties :- (i) In order to enable the Petitioners to bring in an additional capital contribution in pursuance of the notice issued by the Third Respondent on 8th February 2008, it has been stated on behalf of the Third Respondent that a notice of default under Clause 8.1(a) of the Shareholders' Agreement shall not be issued until 27th March 2008; (ii) Accordingly, it has been agreed that in pursuance of the Provisions of Clause 8.1(a), the Petitioners shall have a further period of ten business days following the issuance of a notice on 27th March 2008 to pay their additional capital contribution; (iii) On behalf of the Petitioners, it has been stated that in view of the extension of time which has been allowed by 3 consent in the aforesaid terms, the Petitioners shall not make any further application under Section 17 of the Arbitration and Conciliation Act, 1996 or the ICC Rules before the Arbitral Tribunal in relation to the capital contribution that is required in pursuance to the notice dated 8th February 2008 and/or the default notice that may be issued hereafter under clause (i); (iv) This order shall be without prejudice to the rights and contentions of the parties in the arbitral proceedings or to the remedies that may be available to the Petitioners in respect of any future additional capital call notice; (v) Counsel appearing on behalf of the Third Respondent states that the same benefit of an extension of the date for the issuance of a notice of default shall be made available to all the other shareholders. Arbitration Petition shall be disposed of in the above terms, on 4 the request of Counsel appearing for the parties, since no further point is pressed on either side. ------------