- 1 - 29.arbpl.778.11 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION (L) NO.778 OF 2011 Reliance Capital Ltd. ..Petitioner -Versus- Farook Khatri & Anr. ..Respondents .......... Mr.Rahul Mehta i/b KMC Legal Venture for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 24TH AUGUST 2011. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 Prima-facie an amount of about Rs.40 lakhs is due and payable by the respondents to the petitioner in respect of a loan granted by the petitioner to the respondents. The repayment thereof is secured by an equitable mortgage over the property referred to in Exhibit ‘D’ to the petition. The equitable mortgage is evidenced from item (C) of the schedule to the loan agreement. - 2 - 29.arbpl.778.11 3 The respondents remained absent when ad-interim order in terms of prayer (c) was passed on 2nd August 2011. They are absent today despite the order stating that the matter would be heard finally at the admission stage itself. The petitioner is therefore entitled to further protection. 4 In the circumstances, the petition is made absolute in terms of prayer (a) except the words bracketed in red. The Court Receiver shall appoint the respondents as agents without security but subject to payment of royalty. Till the Court Receiver takes possession, order in terms of prayer (c). 5 This order shall remain in operation till the award is made and for a period of twelve weeks thereafter. The petition is accordingly disposed of. -