1 mst IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.775 OF 2011 IN EXECUTION APPLICATION NO.779 OF 2011 Citicorp Finance (I) Limited Plaintiff versus Sanjeev Obhan and another Defendants Ms.S.I.Joshi i/by S.I.Joshi & Co. for plaintiff. None for the defendants. CORAM : S.J.KATHAWALLA, J. DATE : 8th June 2011 PC : 1. Heard learned advocate appearing for the plaintiff. The defendants had obtained a loan from the plaintiff for purchase of a commercial vehicle namely AL 4018 bearing registration number MH-06-AC-6473, engine number WFH397976, chassis number SFA066924. The said vehicle was hypothecated by the defendants to the plaintiff. Since the defendants failed to pay the dues of the plaintiff, the plaintiff invoked the arbitration clause contained in the lease agreement. Pursuant to the orders dated 29.10.2010 and 25.1.2011 passed under section 9 of the Arbitration & Conciliation Act, 1996, the Court Receiver took forcible possession of the said vehicle which was lying in the parking yard of the plaintiffs at Aditya Stock Yard, Shill Phata, Kalamboli, Mumbra Road, District Thane. 2. Thereafter the Arbitral Tribunal passed an award dated 21st October 2010 in favour of the plaintiff for Rs.4,44,138=35 Ps. with further interest thereon @ 9.75% p.a. from 8.6.2010 till payment and/or realization. The defendants were directed to surrender the vehicle to the plaintiff and on their failing to surrender the vehicle, the plaintiff were 2 allowed to take possession of the said vehicle. The plaintiff were also allowed to sell the said vehicle by private treaty and to adjust their dues from the sale proceeds. 3. The plaintiff has now taken out the present Chamber Summons in Execution Application (L) No.779 of 2011 wherein the plaintiff has, inter alia, sought a direction that the Court Receiver be discharged and he be directed to hand over the said vehicle to the plaintiff on payment of costs, charges and expenses of the Court Receiver. 4. I have considered the submissions advanced on behalf of the plaintiff. I am convinced that if the vehicle is not handed over to the plaintiff as prayed, the same will further deteriorate and fetch scrap value. The Court Receiver is therefore discharged and is directed to forthwith hand over the possession of the said vehicle to the plaintiff on receipt of his costs, charges and expenses from the plaintiff. The plaintiff is directed to get the said vehicle valued and thereafter sell the same by private treaty and adjust the sale proceeds towards their dues. The Chamber Summons is accordingly disposed of. (S.J.KATHAWALLA, J.)