1 37.arbp.1327.10 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1327 OF 2010 L & T Finance Limited ....Petitioner V/s. Mr.Mangal Singh Bachan Singh & Anr. ....Respondents ...... Ms.Disha Karambar for the Petitioner. Mr.Manish Bohra for Respondent No.1. ...... CORAM : S.J. VAZIFDAR, J. DATE : 20 th DECEMBER, 2010. P.C. :- 1 The petition has been filed under section 9 of the Arbitration and Conciliation Act, 1996. 2 The fact that there is an amount of over Rs.8 lacs payable by the Respondents to the Petitioner is prima facie established. Admittedly, the vehicle has been hypothecated in favour of the Petitioner to secure the repayment of the dues. 3 In the circumstances, the petition is made absolute in terms of prayer (a) except the words bracketed in red. 2 37.arbp.1327.10 4 The Court Receiver shall, however, appoint Respondent No. 1 as the agent without security but on payment of royalty commencing from 1st March 2011. In the event of Respondent No.1 not accepting the agency of the Court Receiver, the Court Receiver shall appoint any third party as his agent in the usual manner. In that event, the Respondents shall be at liberty to bid for the agency of the Court Receiver. 5 Liberty to the Respondents to apply on Court Receiver’s Report for deferring the date of commencement of the payment of royalty. 6 Till the Court Receiver takes possession of the vehicle, interim order in terms of prayer (b), except the words bracketed in red. 7 The Respondents shall inform the Court Receiver and the Petitioner’s advocate, the location of the vehicle on or before 27th December 2010. -