1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.790 OF 2008 IN ARBITRATION PETITION NO. 425 OF 2007 Citicorp Finance (India) Ltd. .... Petitioner V/s Mr. Jagadish Kadam & Ors ..... Respondents. ------ Ms. Shakuntala Joshi i/b S.I. Joshi & Co. for the Petitioner in support of the Chamber Summons. None for the respondents. Mr. D.V. Devkar Ist Assistant to the Court Receiver present. ------ CORAM: V.M.KANADE, J. DATE : 15TH JULY, 2008. P.C.: 1. Heard the learned Counsel appearing on behalf of the Petitioner. None appears on behalf of the respondents though they are served. 2. The Court Receiver has submitted a report. It is submitted by the Court Receiver that physical possession of 2 the suit vehicles was taken pursuant to the order dated 27/11/2007. The Court Receiver has submitted that he has no objection if the Chamber Summons is allowed in terms of prayer clauses (a) & (b) subject to the Petitioner depositing the costs, charges and expenses of the Court Receiver which are quantified at Rs 4,600/- . 3. None appears on behalf of the respondents. The Petitioner has filed affidavit of service. The Petitioner had given a loan of Rs 17.50 lakhs to the 1st Respondent for the purchase of vehicles as specified in the agreement. The vehicles were hypothecated with the Petitioner. The respondent No.1 did not pay the monthly instalments. Clause 6 of the agreement stipulates that in the event of default in payment of instalments, the Petitioner is entitled to take possession of the vehicles and to sell them by holding public auction. By order dated 27/11/2007, this Court permitted the Court Receiver to take forcible possession of the hypothecated vehicles. Accordingly, possession has been taken. However, the respondents have not appeared despite service of the notice on them. It is submitted by the learned Counsel appearing on behalf of the Petitioner that the Petitioner may be permitted to sell the said vehicles. The Petitioner has annexed a quotation given by the purchaser. It is submitted that if the vehicles are not sold, there would be depreciation in the market value of the said vehicles. 3 4. The submission made by the learned Counsel appearing on behalf of the Petitioner will have to be accepted. The vehicles have already been seized by the Court Receiver. Under the facts and circumstances of the case, the Petitioner is permitted to sell the vehicles. Chamber Summons is made absolute in terms of prayer clause (a). The Court Receiver stands discharged, subject to the Petitioner depositing the costs, charges and expenses of the Court Receiver which are quantified at Rs 4,600/- . Chamber Summons is accordingly disposed of. V.M. KANADE, J.