1 arbp595-11 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.595 OF 2011 L & T Finance Limited ....Petitioner V/s. Dharmendra K. Singh & Ors. ...Respondents Ms.Disha Karambar for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 8TH AUGUST, 2011. P.C. :- 1. This is a petition under section 9 of the Arbitration & Conciliation Act, 1996. 2. The parties have entered into a loan-cum- hypothecation agreement. Under the said agreement, the petitioner had granted a loan to the first respondent which was guaranteed by respondent Nos.2 and 3. The respondents had, hypothecated the vehicle in favour of the petitioner to secure the due repayment of the amount lent and advanced by the petitioner to the respondents. The entire amount not having been repaid, the present petition has been filed. 3. It is, therefore, necessary to secure the petitioners’ claim. 2 arbp595-11 4. The petition is disposed of by the following order :- (i) Pending the hearing and final disposal of the arbitration proceedings and if the award is passed in favour of the petitioner, before the same is enforced, the Court Receiver, High Court, Bombay, is appointed as a Receiver of the hypothecated vehicle referred to in the agreement and prayer clause (a) of the petition, with all powers under Order XI, Rule 1 of the Code of Civil Procedure, 1908 except the words bracketed in red. (ii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the said vehicle. (iii) Upon taking possession of the said vehicle, the Court Receiver shall, in the first instance, appoint the respondents as agents in respect of the said vehicle on the usual terms and conditions, including as to security and royalty. (iv) In the event of the respondents 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 entitled to bid for the agency. (v) Liberty to apply for further reliefs, including in respect of those reliefs which have not been granted by this Court, after the Court Receiver takes possession and in the event of the security being inadequate to meet the alleged claims of the petitioner. All rights and contentions in that regard are kept open. 3 arbp595-11 (vi) Till the Court Receiver takes possession of the vehicle, the respondents, either through themselves or through their servants or agents are restrained in any manner from transferring, disposing of, encumbering, creating third party rights, alienating the said vehicle. (vii) Each of the respondents is ordered and directed to disclose the location of the hypothecated vehicle as well as their assets within two weeks from the date of service of the copy of this order. The disclosure of assets shall be on affidavit. 5. The learned counsel appearing on behalf of the petitioner fairly stated that the packet served upon the respondents was returned with the remark “address not known, returned to the sender”. The same was however, addressed to the last known address, being the address mentioned in the said agreement. I have treated the same as valid service in view of section 3 of the Act and directed the petitioner to file an affidavit to this effect. The affidavit shall be filed within two weeks from today.