As per case facts, Petitioner sanctioned a loan to borrowers to take over their credit from Axis Bank, against a property already mortgaged with Axis Bank. Petitioner transferred funds to ... Axis Bank, and borrowers requested a debit freeze. However, Axis Bank did not release the title deeds, citing a small outstanding amount. Despite knowing about the loan transfer and borrowers' defaults, Axis Bank allowed them to operate the account and disbursed more funds, retaining the title deeds. Petitioner filed a Section 9 petition seeking interim measures for the title deeds. The question arose whether the High Court could direct Axis Bank, a non-signatory to the arbitration agreement, to manage the title deeds to preserve the subject matter of arbitration, given Axis Bank's alleged imprudent actions. Finally, the Court found a prima facie case against Axis Bank, deeming its conduct imprudent and not bona fide. It affirmed that interim measures could be directed against a third party for preserving the subject matter of arbitration. Therefore, the Court ordered the title deeds to remain deposited with the Registry during arbitration proceedings between the Petitioner and borrowers, leaving the arbitrability issue with Axis Bank open for other proceedings.