:1: IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION CHAMBER CHAMBER CHAMBER SUMMONS NO. 1487 OF 2006 SUMMONS NO. 1487 OF 2006 SUMMONS NO. 1487 OF 2006 IN IN IN EXECUTION EXECUTION EXECUTION APPLICATION NO. 387 OF 2006 APPLICATION NO. 387 OF 2006 APPLICATION NO. 387 OF 2006 IN IN IN ARBITRATION ARBITRATION ARBITRATION CASE NO. ARB/BMCB/AAM/157/2004 CASE NO. ARB/BMCB/AAM/157/2004 CASE NO. ARB/BMCB/AAM/157/2004 Bombay Mercantile Co-operative Bank Ltd. ... Claimants. V/s. M/s. Gaurav Oceanic Shipping Ltd. & Ors. ... Respondents. Mr. T.N. Tripathi for the Claimants. Mr. Murtaza Najmi i/b. P.S. Shah for the Respondents 2A, 2B, 4 and 5. Mr. Ashish Kamath i/b. Nankani & Ors. for the Applicants. ..... CORAM CORAM CORAM : S.C. DHARMADHIKARI,J. : S.C. DHARMADHIKARI,J. : S.C. DHARMADHIKARI,J. 27TH 27TH 27TH JANUARY 2009. JANUARY 2009. JANUARY 2009. P.C. P.C. P.C. : : : . This is the Chamber Summons by Respondent No.2(c) for raising attachment. 2. She claims that the warrant of attachment under which attachment has been levied on an immovable property more particularly described in the prayer clause (b) of this Chamber Summons be raised. 3. Affidavit has been filed in support of this Chamber Summons. 4. In the affidavit, a reference is made to a proposal for settlement which has been forwarded on behalf of the :2: Judgment Debtors that is Respondent Nos.1 and 2(a), 2(B), 4 and 5. 5. The matter was adjourned to enable the Decree Holder/Bank to take appropriate instructions on the pending proposal. 6. It is stated that the award amount is Rs.76,00,000/- and odd amount. 7. On the last occasion, a statement was made by the learned Advocate appearing for the above Respondents that they are agreeable to pay the amount of Rs.76,21,440/- in such manner as this Court directs them to do so. 8. The matter was adjourned to enable Mr. Tripathi, appearing for the Bank to take instructions. 9. Mr. Tripathi states that the bank does not dispute the figure of Rs.76,21,440/- but it has reservations in accepting the amount save and except by post dated cheques and an appropriate undertaking to this Court to honour them. 10. After the matter was argued for some time, the Claimant - Bank, Respondent Nos. 2(a),(b), 4 and 5 so also Respondent No.2(c) agree that the following order be passed :- :3: (a) In addition to amount of Rs.10 lakhs which has already been paid, the Respondent Nos.2(a),(b), 4 and 5 shall pay to the Bank - Claimants by Pay Order a sum of Rs.16,50,000/- on or before 15th March 2009; (b) They shall pay a sum of Rs.16,50,000/- on or before 15th June 2009; (c) They shall then pay a sum of Rs.16,50,000/- by 15th September 2009 and the balance sum of Rs.16,71,440/- by 31st December 2009. 11. Thus, it is agreed by both sides that the amount of Rs.76,21,440/- shall be paid by 31st December 2009 in the aforesaid manner. 12. It is agreed by both sides that the above amounts will be paid by Pay Order drawn in the name of Claimant / Bank. The first Pay Order shall be remitted on or before 15th March 2009. The statement of Respondent No.2(a),(b), 4 and 5 made above is accepted. It shall be construed as a undertaking to this Court. Needless to state that any breach and violation of this statement and default in making payment of the instalment dated 13th March 2009 or subsequent instalments would be construed as an act of contempt of this Court and the Court would then proceed :4: against the above Respondents in accordance with law. 13. Needless to further add that if the amounts are paid, the Claimants/Bank shall issue a No Dues Certificate in favour of the above Respondents and thereafter, shall release the flat which has been attached from the attachment. In other words, the warrant of attachment dated 23rd August 2006 would then stand quashed and set aside. 14. It is directed that the attachment shall continue till 31st December 2009. Further, in default, the Claimants can dispose off the flat which has been attached pursuant to this warrant of attachment subject to the rights of Respondent No. 2(c) therein. 15. The Claimant/Bank is at liberty to withdraw the sum of Rs.10,00,000/- deposited by the Respondents as noted above with accrued interest on production of an authenticated copy of this order. Further, needless to add that in case of any default, the Claimant can adjust this sum which is withdrawn with interest and recover the balance then outstanding in the manner set out above. 16. The Chamber summons is disposed off accordingly. (S.C. (S.C. (S.C. DHARMADHIKARI,J.) DHARMADHIKARI,J.) DHARMADHIKARI,J.)