1 29.arbp.1105.10.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 1105 OF 2010 Citicorp Finance (India) Ltd. ... Petitioner Vs. Kapoor Singh & Anr. ... Respondents ...... Ms.Shakuntala Joshi i/by S.I.Joshi & Co. for the Petitioner. None for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 11th, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The Petitioner and Respondent No.1 have entered into an loan-cum- hypothecation agreement. Respondent No.2 is a guarantor. The Respondents having failed to repay the entire amounts due under the loan agreement, the present petition has been filed. The Respondents had hypothecated the equipment in favour of the Petitioner to secure the dues of the Petitioner. The Petitioners dues and security, therefore, require protection. 2 29.arbp.1105.10.sxw 3 The petition is, therefore, disposed of by the following order : (i) The petition is made absolute in terms of prayer (a-i) except the words bracketed in red, (b), (d) except the words bracketed in red. (ii) The Court Receiver shall, in the first instance, appoint the Respondents in each petition, as an agent in respect of the said equipment on usual terms and conditions including as to security and royalty. (iii) In the event of any Respondent refusing to accept agency of the Court Receiver, the Court Receiver shall appoint any third party as an agent in respect thereof on the same terms and conditions. In that event, the Respondents shall be at liberty to bid for the agency. -