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.122 of 2009. PETITION NO.122 of 2009. PETITION NO.122 of 2009. Kotak Mahindra Bank Ltd. ..Petitioner versus Janki Travels & Others ..Respondents Mr.Nikhil Mehta i/b/ Disha Karambar for the petitioner CORAM CORAM CORAM : R.Y.GANOO, J. : R.Y.GANOO, J. : R.Y.GANOO, J. DATED DATED DATED : 3rd April, 2009. : 3rd April, 2009. : 3rd April, 2009. P.C. 1. Heard learned Advocate for petitioner. Respondents have not appeared. The petitioner advanced loan to the respondent Nos.1 and 2. Consequently, they have not complied with mandatory liability. Hence, ad-interim injunction in terms of prayer clause (b) was granted. 2. The learned Counsel for the petitioner submitted that the Receiver, High Court, Bombay be appointed in regard to the four suit vehicles described in the body of the petition, and Receiver be permitted to sell the suit vehicle by private treaty and appropriate Order be passed regarding payment of sale proceeds to the petitioner towards satisfaction of the loan amount. -2- 3. I have considered the submission and the Receiver is required to be appointed with arrangement to sell the four suit vehicles. In view of this, following order is passed. ORDER i. Receiver, High Court, Bombay is appointed in respect of four suit vehicles mentioned in the body of the plaint. ii. Receiver shall take charge of the suit vehicles and allow the petitioner to sell the suit vehicles by private treaty. iii. The expenses for sale of the said vehicles shall be deducted from the sale proceeds. The petitioner shall pay the Receiver’s Charges and thereafter the Receiver shall permit the petitioner and the purchaser to finalise the transaction regarding sale. The balance of the sale proceeds will be appropriated by the petitioner towards loan amount. The petitioner to write letter to the Receiver informing him about the appropriation of the sale proceeds towards the loan amount. Till such time Receiver takes physical possession of the -3- said vehiclea, there shall be Order in terms of prayer clause (b). iv. Petition stands disposed of in above terms. v. Respondent to pay to petitioner costs of this petition. (R.Y.Ganoo, (R.Y.Ganoo, (R.Y.Ganoo, J.) J.) J.)