SANJIB BANERJEE,J. - (1.) Some payment has been made by the respondents to the petitioner, though the petitioner claims that an amount in excess of Rs. 7 lakh is due on account of defaulted instalments without taking into consideration the delayed payment charges and other sums payable in terms of the agreement. The petitioner reports that a reference is pending.
(2.) AP No.545 of 2011, which is a petition under Section 9 of the Arbitration and Conciliation Act, 1996, is disposed of by restraining the respondents from dealing with or disposing of or alienating or creating any third party rights in respect of the assets that form the subject-matter of the agreement between the parties. However, the injunction will not prevent the respondents from using any of the assets in the usual course of business.
(3.) The respondents have represented that they would make payment of the monthly instalments and a part of the arrears on account of defaulted instalments such that the entire quantum of default is liquidated over a few months. In the event the respondents fail to make payment of at least a sum of Rs. 5 lakh per month over the next few months till such time that the monthly instalments and the principal defaulted amount is cleared, the petitioner will be at liberty to apply afresh for possession of the assets to be taken over.;