- 1 - 19.arbp.325.11 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.325 OF 2011 Citicorp Finance (India) Ltd. ..Petitioner -Versus- Vijay G. Layagude & Anr. ..Respondents .......... Mr.Tejas Joshi i/b D.H.Law Associates for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 4TH JULY 2011. P.C. According to the petitioner, an amount of about of Rs.13,10,530/- is due and payable by the respondents in respect of the loan-cum- hypothecation agreement entered into between the petitioner and respondent no.1. Respondent no.2 is the guarantor. The repayment of the amount secured by the hypothecation of the equipment. The disputes are therefore settled by arbitration. 2 In the circumstances, the petition is made absolute in terms of prayer (d) except the words bracketed in red. - 2 - 19.arbp.325.11 3 The Court Receiver shall however appoint the respondents as his agents on the usual terms and conditions including as to security and royalty. In the event of the respondents refusing to accept the agency of the Court Receiver, liberty to the petitioner to apply for further orders including for the sale of the equipment or appointment of a third party as the agent of the Court Receiver 4 Till the Court Receiver takes possession, order in terms of prayer clause (e). No order as to costs. -