*1* cp.343.09.sxw kps I N THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.343 OF 2009 IPN India Packaging Pvt.Ltd.. ..Petitioner -Versus- Ropa Plastics Pvt.Ltd.. ..Respondent .......... Dr.Birendra Saraf a/w Mr.Prakash Ganwani, Mr.J.S. Solomon, Ms.Shruti Maniar and Ms.Germaine Pereira i/b M/s Solomon and Company, for the Petitioner. Mr.Avinash Bhuskute i/b Sugandh B. Deshmukh for the Respondent. .......... CORAM : S.J. VAZIFDAR, J. DATE : 09th August, 2010. P.C. 1 The admission of petition has been published. No other creditor has appeared. 2 In the circumstances, the petition is disposed of by the following order with the consent of the parties:- (i) The Respondent shall deposit a sum of Rs.90 lacs in this Court on or before 31st October, 2010. The amounts, if so deposited, shall be invested by the office in a fixed deposit of the nationalized bank initially for a period of one year and thereafter, for like periods of one year each. The amount shall be deposited to the credit of the arbitration proceedings. Liberty to the parties to apply in respect thereof and shall abide by the award passed by the Arbitrator. *2* cp.343.09.sxw (ii) The parties have agreed to refer all the disputes and differences in respect of the company petition arising under, in relation with or in respect of the agreement dated 02nd September, 2008 to the sole arbitration of Justice H.Suresh (Retired). (iii) Both the learned counsel state that they have instructions and authority from their respective clients to refer the disputes to the aforesaid Arbitrator. They further state that this order shall be deemed to be an arbitration agreement within the meaning of sections 2(b) and 7 of the Arbitration & Conciliation Act, 1996. (iv) However, in the event of the amount not being deposited as aforesaid, the company petition shall be made absolute in terms of prayer clauses (a) and (b). (v) Pending the award being made and published by the Arbitrator and for eight weeks thereafter, the Respondent shall not alienate, dispose of, encumber, part with possession of or create any third party right, title or interest in, to, upon or in respect of the property which is the subject matter of the agreement dated 02nd September, 2008. -