Arkade Creation v. Shamik Enterprises Private Limited And 3 ORS

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION ARBITRATION PETITION (L) NO.206 OF 2018 Arkade Creation ...

Petitioner versus Shamik Enterprises Pvt. Ltd. and Ors. ...

Respondents WITH ARBITRATION APPLICATION NO.150 OF 2017 Arkade Creation ...

Applicant versus Shamik Enterprises Pvt. Ltd.

...

Respondent Mr. Nimay Dave i/by Ms. Smita Sawant, for Petitioner/Applicant. Mr. Pramod Patil i/by Mr. Laxman Deshmukh, for Respondents. CORAM: S.J. KATHAWALLA, J.

DATE: 8 th MARCH, 2018 P.C.:

1.

Heard the learned Advocates appearing for the parties and the following order is passed by consent :

(i) Mr. Akash Rebello, Advocate is appointed as the sole Arbitrator to decide the disputes between the parties arising out of the Memorandum of Agreed Terms dated 16 th October, 2014.

(ii)The disclosure of Mr. Akash Rebello, Advocate under Section 11 (8) read with Section 12 (1) of the Arbitration and Conciliation Act, 1996 as amended by 1/3

the Arbitration and Conciliation (Amendment) Act, 2015 (3 of 2016) is taken on record.

(iii)The learned Advocate for the Respondent undertakes to file Affidavit disclosing the movables/immovable (encumbered/unencumbered) assets of the Respondent along with the particulars of encumbrances, if any, and the particulars of the bank accounts along with statements of the last three years within a period of two weeks from today.

(iv)The Respondent shall not create third party rights in respect of its movable and immovable assets without seeking prior permission of the learned Arbitrator.

(v) The present Arbitration Petition filed under Section 9 of the Act, shall be treated by the learned Arbitrator as an Application under Section 17 of the Act, and decided within four weeks from today.

(vi)The Respondent shall also be entitled to take out an Application under Section 17 of the Act and move the learned Arbitrator for ad-interim/interim reliefs. The Respondent shall also be entitled to file Counter Claim before the learned Arbitrator.

(vii)The learned Arbitrator shall endeavour to pass his final Award within a period of six months from the date of this order. (viii) All contentions of the parties are kept open. 2/3

(ix) The cost of arbitration shall initially be borne by the parties equally. (x) The venue of Arbitration shall be at Mumbai. (xi)In view of this order, the above Arbitration Petition as well as Arbitration Application are disposed of.

( S.J.KATHAWALLA, J. ) 3/3