1 ARBP 1105 OF 2009.sxw vks IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL JURISDICTION ARBITRATION PETITION NO.1105 OF 2009 L and T Finance Limited .. Petitioner. -versus M/s N. V. Bhaskar Reddy & Co. .. Respondent. Ms Disha Karambar, for the petitioner. Mr. Sunil Kadam, for the respondent. CORAM: ANOOP V. MOHTA, J. DATED: 19th November, 2010 P.C. 1. Learned counsel, for the petitioner, on instructions, submitted that they are willing to make complete payment, within 8 weeks. From time to time they have deposited about Rs. 90,00,000/- against the loan amount of Rs.1,18,00,000/-. The petitioner’s counsel, however, disputing the figure. 2. This Court on 15.2.2010, has already passed order, appointing Receiver for taking symbolic possession of the vehicle in question. The matter was adjourned from time to time as respondents expressed their willingness to settle the matter, but it could not be finalized till this date. However, respondent No.1’ authorized signatory Mr. Nellone Reddy, has signed an undertaking dated 19th November, 2010, thereby agreeing to make 2 ARBP 1105 OF 2009.sxw balance payment, within 8 weeks. The undertaking is taken on record and marked as ‘X’ for identification. 3. It is made clear that if the respondents failed to comply with the undertaking and/or failed to deposit the balance amount as agreed, the symbolic possession taken by the receiver, be treated as order for physical possession and the receiver shall proceed to take physical possession. It is also made clear that once undertaking is given in the Court as noted above and if the respondent failed to comply with the clauses as mentioned, the consequences of breach of such undertaking will be of a clear contempt of Court and the proceeding will be issued accordingly. 4. In view of the above the petition is disposed of with liberty to take out appropriate proceeding in case default made by the respondents. No costs. (ANOOP V. MOHTA, J.)