1 15.arbp.210.09, 64.chs.390.10arbp 918.09.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 210 OF 2009 AND CHAMBER SUMMONS NO.390 OF 2010 IN ARBITRATION PETITION NO. 918 OF 2009 L & T Finance Ltd. ... Petitioner Vs. M/s.Kiz & Associates & Anr. (ARBP No.210/2010) M.Jagdisan S/o. Manusamy & Anr. (CHS/390/2010 in ARBP 918/2009) ... Respondents (in respective matter) ...... Ms.Shakuntala Joshi i/by S.I.Joshi & Co. for the Petitioner. None for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 11th, 2010. P.C. 1 These are the petitions under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The Petitioner and Respondent No.1 in both the petitions have entered into loan-cum-hypothecation agreements. Respondent No.2 in both the petitions are the guarantors. The Respondents hypothecated the equipment in favour of the Petitioner to secure the repayment of the 2 15.arbp.210.09, 64.chs.390.10arbp 918.09.sxw amounts advanced by the Petitioner to Respondent No.1. The amount not having been repaid in full by the Respondents, the present petitions have been filed. 3 The Petitioners dues and security require protection. In these circumstances, the petition is disposed of by the following order : (i) The petition is made absolute in terms of prayer (a-i) except the words bracketed in red and (b). (ii) Till the Court Receiver takes the possession, ad- interim oder in terms of prayer (d) except the words bracketed in red. Further, at the end of prayer (d), the following words to be added : “without leave of the Court”. (iii) The Court Receiver shall, in the first instance, appoint the Respondents in each petition, as an agent in respect of the said vehicles on usual terms and conditions including as to security and royalty. (iv) In the event of any Respondent 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 at liberty to bid for the agency. -