1 arbp907-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.907 OF 2010 Glow Pharma Pvt. Ltd. ....Petitioner V/s. Frazer Labs Pvt. Ltd. ....Respondent Mr.D.H. Pawar for the Petitioner. None for the Respondent. CORAM : S.J. VAZIFDAR, J. DATE : 22ND NOVEMBER, 2010. P.C. :- 1. The petition has been filed under section 9 of the Arbitration and Conciliation Act, 1996. 2. According to the petitioner, an amount about Rs.60,00,000/- is due by the respondent to the petitioner in respect of an M.O.U. entered into between the parties dated 26.9.2006. Pursuant to the M.O.U. the petitioner advanced various sums of money for restructuring the respondent’s factory premises and installation of two machineries and lab equipment etc. The M.O.U. itself does not create any security. It is however, important to note in the course of correspondence that the respondent had agreed to hand over the keys of the factory along with shares and the relevant documents or to return the amounts owed by it to the petitioner. The same was recorded by the petitioner’s letter at Exhibit “F” to the petition. The respondent also executed a document at Exhibit “H” 2 arbp907-10 dated 8.3.2010 to the similar effect. 3. In the circumstances, the petition is made absolute in terms of prayer (a). However, the Court Receiver shall take only formal possession of the machineries and shall not dispossess the respondent. The Court Receiver shall appoint the respondent as an agent but without security or royalty. 4. Till the Court Receiver takes possession, the respondents are restrained from disposing of, alienating, encumbering, parting with possession of or creating any third party rights in respect of the properties mentioned at Exhibit “A”. It is clarified that the reference to the vehicle in prayer (a) is a typographical error. The arbitration petition is accordingly disposed of.