*1* arbp.908.09.sxw kps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.908 OF 2009 L & T Finance Ltd.. ..Petitioner -Versus- Ashok Kumar R. Goyal and another. ..Respondents .......... Mr.Pramod Bhosale i/b Disha Karambar, for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 23rd August, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The dispute pertains to the recovery of amounts advanced by the Petitioner to the Respondent under the loan/hypothecation agreement dated 31.05.2007. The Petitioner had lent and advanced a sum of Rs. 3,50,000/- to enable the Respondent to purchase a tractor. The loan not having been repaid, the dispute under the agreement has been referred to the Arbitrator. The Respondent was absent when the ad-interim order was passed on 02.12.2009. The Respondent is absent today. Considering the nature of the property and the Petitioner’s right in respect thereof, it is necessary to appoint the Court Receiver. 3 In the circumstances, the petition is disposed of by the following order:- (i) The petition is made absolute in terms of prayer clauses (a) except the portion bracketed in red, which reads thus:- “(a) Pending the hearing and final disposal of the *2* arbp.908.09.sxw arbitration proceedings or at any time after the making of the Arbitral Award but before it is enforced in accordance with Section 36 of the Arbitration and Conciliation Act, 1996, this Hon’ble Court be pleased to appoint the Court Receiver, High Court, Bombay as a Receiver under Order XL Rule 1 of the Code of Civil Procedure, 1908 (as amended) in respect of 1 No. of Equipment being 1 No. of Farmtrac Tractor having Model FT 60 (50 HP), bearing Chassis No.2087191 and Engine No. 2089533 and Registration No.GJ1FQ3983, more particularly described in Exhibit-F to the Petition hereto,” (ii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the vehicle. (iii) Upon taking possession of the vehicle, the Court Receiver shall, in the first instance, appoint the Respondent as an Agent in respect of the said vehicle on usual terms and conditions including as to security and royalty. (iv) In the event of the Respondent refusing to accept agency of the Court Receiver, the Court Receiver shall appoint any third party as an Agent in respect of the said vehicle on the same terms and conditions. (v) Liberty to apply for further reliefs including in respect of those reliefs which have not been granted by this Court, after the Court Receiver takes possession and in the event the security being inadequate to meet the alleged claims of the Petitioner. All rights and contentions in that regard are kept open. (vi) Till the Court Receiver takes possession of the vehicle, there shall be an order in terms of prayer clause (c), which reads thus:- “(c) Pending the hearing and final disposal of the arbitration proceedings or at any time after the making of the Arbitral Award but before it is enforced in accordance with Section 36 of the *3* arbp.908.09.sxw Arbitration and Conciliation Act, 1996, the Respondent/s, their respective servant/s, agent/s, representative/s and/or any person or persons be restrained by an order and injunction of this Hon’ble Court in any manner dealing with and/or disposing of and/or creating third party rights and/or alienating and/or encumbering and/or interfering with the possession of the equipment described in Exhibit-F to the petition;” (vii) The costs of the petition shall be the costs in the arbitration proceedings. -