- 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 jmi ARBITRATION PETITION (L) NO.880 OF 2008. Shiv Chhaya Developers & Farms Pvt.Ltd. ..Petitioner. vs. Odeon Theatres Pvt.Ltd. ..Respondent. .... Mr.Rajkumar R. Mishra, i/b. M/s. M. Rajkumar & Co., for the Petitioners. Ms. Deepti Nagpal, i/b. Kanga & Co., for the Respondent. .... CORAM CORAM CORAM: S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. DATE DATE DATE : 12TH FEBRUARY,2009 : 12TH FEBRUARY,2009 : 12TH FEBRUARY,2009. P.C.: P.C.: P.C.: . The present petition is filed under section 9 of the Arbitration and Conciliation Act, 1996. The relief sought in the petition is for appointment of Receiver and injunction against the respondents pertaining to premises being 2nd and 3rd floors, admeasuring 24,000 sq.ft.(built up) of the proposed building being developed/constructed by the respondent on the property, bearing Cadastral Survey No.3/301, 4/301 and 4/301 part of Lower Parel Division, situate at Dr.E.Moses Road, Worli, Mumbai-400 018, more particularly described in Exhibit-A to the petition. 2. The parties have today, tendered consent terms dated 11th February 2009 in the petition which are taken - 2 - on record and marked ‘X’ for identification. The said consent terms are signed by the petitioners as well as respondents who are present in Court and also by their respective Advocates. The learned Advocates appearing for the parties have submitted that the petition be disposed of in terms of the consent terms tendered by them and marked ‘X’. The Directors of the petitioners and respondents respectively who have signed the consent terms on behalf of the respective Companies are present in Court and have tendered copies of the resolutions passed by the respective Companies inter-alia authorising them to take out legal proceedings and to also settle the legal disputes and file consent terms in such proceedings. Certified true copies of the resolutions of the petitioner and respondent are taken on record and marked ‘A’ and ‘B’ respectively for identification. 3. Under the said consent terms, the parties have agreed to refer to all the outstanding disputes among themselves in respect of the said property described in Exhibit ‘A’ to the petition, as provided in the letter of allotment dated 25th February 2008 to the sole arbitration of Mr.Pradeep Gharaj, Advocate. 4. The parties have further agreed that the - 3 - arbitration proceedings will be concluded by the sole arbitrator expeditiously and within a period of 12 months from the date of the said consent terms and the costs and expenses of the arbitration shall be shared equally between the parties. 5. Under the said consent terms, the petitioners have undertaken to deposit an amount of Rs.2.50 crores with the respondents within a period of 8 weeks from the date of the execution of the consent terms. It is also agreed that until such amount is deposited, there will be an interim order in terms of prayer clause ‘A’ of the arbitration petition. It is agreed that in the event of the petitioners not depositing the said amount of Rs.2.50 crores within the agreed period of 8 weeks, the petitioner shall give up all his claims against the respondents. 6. In view of the above, the arbitration petition stands disposed of in terms of consent terms taken on record and marked ‘X’. Subject to paragraph 3 of the consent terms, the interim order dated 19th December 2008 stands vacated. The undertaking given by the petitioners in paragraph 3 of the consent terms is accepted. The petition stands disposed of. - 4 - [S.J.KATHAWALLA, [S.J.KATHAWALLA, [S.J.KATHAWALLA, J.] J.] J.]