- 1 - IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ARBITRATION ARBITRATION ARBITRATION PETITION NO.618 OF 2008 PETITION NO.618 OF 2008 PETITION NO.618 OF 2008. Kotak Mahindra Bank Limited. ..Petitioners. vs. Anil Madhusudan Mahadik & Ors. ..Respondents. .... Mr.Rahul Mehta, a/w. Ms.Disha Karambar, for the Petitioners. None for the Respondents. .... CORAM CORAM CORAM: S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. DATE DATE DATE : 9TH JANUARY 2009 : 9TH JANUARY 2009 : 9TH JANUARY 2009. P.C.: P.C.: P.C.: . This petition is under section 9 of the Arbitration and Conciliation Act, 1996 seeking appointment of Court Receiver for the vehicle being Ashok Leyland 2516 Tipper bearing Chassis No.SFE 601656 and Engine Nos. SFE430333 with all powers under Order 40 of the Code of Civil Procedure, 1908 including the powers to resale and pay over the net sale proceeds to the petitioners in terms of prayer clause (c) of the petition. 2. The petitioners had under a loan cum hypothecation agreement advanced loans to respondent no.1 for the purchase of said vehicle. The said vehicle was purchased by the respondent no.1 vide loan agreement bearing no.CV 1394812, dated 15th January 2007. It is - 2 - the case of the petitioners that the respondent no.1 has failed to pay the amounts due and payable to the petitioners under the agreement and on the date of filing of the petition an amount of Rs.12,20,925.72 is due and payable by the respondent to the petitioners. 3. The Advocates for the petitioners submit that as agreed in clause 10.16 of the arbitration clause and have appointed R.N. Pujari as a sole arbitrator since the respondents have at no point of time accepted the service of the notices/ proceedings forwarded to them by the petitioners and or their Advocates. The petitioners have also taken out proceedings under section 138 of the Negotiable Instruments Act against the respondent no.1. However, the respondents have not accepted service even as regards the said proceedings and the same are being proceeded ex-parte. The petitioners have also tendered an affidavit proving service wherein the petitioners have shown that despite having served the papers and proceedings of this petition on the respondents, the papers are returned with an endorsement "Unclaimed". The petitioners apprehend that the respondents shall defeat the rights of the petitioners by disposing of the vehicle hypothecated to the petitioners. 4. In view thereof, the Court Receiver is appointed - 3 - only for the purpose of taking custody of the said vehicle being Ashok Leyland 2156 Tipper bearing Chassis No.SFE601656 and engine No.SFE430333. The Court Receiver would be entitled to police protection from the concerned police headquarters within whose jurisdiction the said vehicle is situated. 5. Till the Court Receiver takes possession of the vehicle, there will be an order of injunction against the respondents in terms of prayer clause (b) of the petition. The petition stands disposed of accordingly. 6. In view thereof, the petition is made absolute in terms of prayer clause (c) of the petition. The petition is accordingly disposed of with no orders as to costs. [S.J.KATHAWALLA, [S.J.KATHAWALLA, [S.J.KATHAWALLA, J.] J.] J.]