1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 535 OF 2009 Citicorp Finance (India) Ltd. a Company registered & incorporated under the Companies Act, 1956 and having its registered office at Citigroup Centre, Floor V, C-61, Bandra Kurla Complex, G-Block, Bandra (East), Mumbai-400 051. ...Petitioner. Vs. 1 Zahid Shaikh (Borrower), having his address at Plot No.25-1-17, Shivaji Nagar, Govandi, Mumbai 400 043. And also at:- Building No.19, C Wing, Office No.34, New Gautam Nagar, Near Cointaine Yard, Chembur, Mumbai-400 089. 2 Mr. Masood Shaikh, (Guarantor), having his address at Plot No.25-1-17, Shivaji Nagar, Govandi, Mumbai-400 043. And also at:- 2 Building No.19, C Wing, Office No.34, New Gautam Nagar, Near Cointaine Yard, Chembir, Mumbai-400 089. ...Respondents. Ms. S. Joshi with Mr. Sanjay Anubhavane i/by M/s. S.I. Joshi & Co. for the Petitioner. Mr. A.M. Saraogi for the Respondents. CORAM :- ANOOP V. MOHTA, J. DATED :- 7th October, 2009. ORAL JUDGMENT:- 1 The Petitioner has invoked Section 9 of the Arbitration and Conciliation Act, 1996 (for short, the Act), as Respondents have admittedly committed defaults in making payment, though agreed. There is an arbitration clause. The parties have already invoked Arbitration proceeding. 2 Considering the averments made and even the averments in reply made by the Respondents, the liability/ installments due and payable is not in dispute. 3 The submission is that the Petitioner has already took the possession of one vehicle and sold the same and till this date not adjusted the said amount. The rival submission is that after adjusting that amount the balance is about Rs.7,00,000/- towards that vehicle itself, apart from the 3 vehicle in question. 4 The Respondents have been using the said vehicle without due payment. Therefore, considering the above position and as all the elements as contemplated under Order 40 Rule 1 of the Code of Civil Procedure (for short, CPC) has been made out, I am inclined to grant prayer clause (a-i) except bracketed portion and I am confirming prayer clause (d) also. 5 However, I am not denying the rights of the Respondents to raise the appropriate pleas/defences before the Arbitral Tribunal. The liberty is granted to the Respondents to furnish the security and or to settle the matter. 6 The Petition is accordingly allowed in terms of prayer clause (a-i) bracketed portion and (d), with liberty. No order as to costs. (ANOOP V. MOHTA, J.)