- 1 - IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ARBITRATION ARBITRATION ARBITRATION PETITION NO.617 OF 2008. PETITION NO.617 OF 2008. PETITION NO.617 OF 2008. M/s. Kotak Mahindra Bank Ltd. ..Petitioner. vs. M/s. Maitreya Travels Lines Pvt. Ltd. & Ors. ..Respondents. .... Mr.Rahul Mehta, a/w. Ms. Disha Karambar, for the Petitioner. Ms.Rupali Sathe, for the Respondents. .... CORAM CORAM CORAM: S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. S.J.KATHAWALLA, J. DATE DATE DATE : 9TH JANUARY 2009 : 9TH JANUARY 2009 : 9TH JANUARY 2009. P.C.: P.C.: P.C.: . This petition is under section 9 of the Arbitration and Conciliation Act, 1996 seeking appointment of Court Receiver for the vehicles bearing registration no.MH-12-DT-7777 and MH-12-CT-7777 with all powers under Order 40 of the Code of Civil Procedure, 1908 including the powers to resale and pay over the net sale proceeds to the petitioner in terms of prayer clause (c) of the petition. 2. The petitioner had under a loan- -cum-hypothecation agreement advanced loans to respondent no.1 for the purchase of two volvo buses. - 2 - The particulars of the loan agreement are set out in paragraph 4 of the petition. The two volvo buses purchased by the respondents, bearing registration nos.MH-12-DT-7777 and MH-12-CT-7777, are hypothecated in favour of the petitioners. It is the case of the respondent no.1 that they have failed to pay the amounts due and payable to the petitioners under the agreement and on the date of the filing of the petition an amount of Rs.40,25,600/- is due and payable by the respondent to the petitioners. 2. It is submitted that the petitioner is therefore, entitled to and have therefore invoked the arbitration agreement (clause 10.16 of the loan agreement) and pending the arbitration proceedings and passing of the award the petitioner is entitled to relief as sought in terms of prayer clause (c) of the petition. 3. The learned advocate appearing for the respondent nos. 1 & 2 states that respondent nos. 1 & 2 have no objection if the petition is made absolute in terms of prayer clause (c). 4. In view thereof, the petition is made absolute in - 3 - terms of prayer clause (c). The petition is accordingly disposed of with no orders as to costs. The respondent no.2 who is present in Court undertakes to inform the petitioner’s advocate through her advocates the exact whereabouts of the said two buses. 5. Petition is accordingly disposed of. [S.J.KATHAWALLA, [S.J.KATHAWALLA, [S.J.KATHAWALLA, J.] J.] J.]