1 ARBP.1214/2010 acd IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1214 OF 2010 WITH ARBITRATION PETITION (L) NO.1032 OF 2010 WITH ARBITRATION PETITION (L)NO.1033 OF 2010 WITH ARBITRATION PETITION (L) NO.1034 OF 2010 L And T Finance Ltd. ....Petitioner V/s. AGT Infrastructure Pvt.Ltd. ....Respondent Mrs. Shakuntala Joshi i/b S.I. Joshi & Co, for the Petitioner. Mr.K.C. Prusty, for the Respondent. CORAM : S.J. VAZIFDAR, J. DATE : 28TH OCTOBER, 2010. P.C. :- 1] These are petitions under Section 9 of the Arbitration and Conciliation Act, 1996. 2] The facts in the above matters are similar. According to the Petitioner, the Respondent is bound and liable to pay the various sums of money aggregating to about rupees two crores under the loan/hypothecation agreements entered into between the parties. According to the Petitioner, the amounts under the said agreements have 2 ARBP.1214/2010 not been repaid. As a result thereof, the matters are to be decided in arbitration. Interim orders have been passed in most of these matters. 3] In the circumstances, the above Petitions are disposed of by the following order:- (i) Pending the hearing and final disposal of the arbitration proceedings and for a period of 12 weeks after the award is made, the Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated equipments/vehicles/assets referred to in the respective agreements and prayer clause (a) of each of the Petitions, with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908. (ii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the said equipments/vehicles/assets. (iii) Upon taking possession of the said equipments/vehicles/assets, the Court Receiver shall, in the first instance, appoint the Respondent as an agent in respect of the said equipments/vehicles/assets on the usual terms and conditions including as to security and royalty. (iv)In the event of any Respondent refusing to accept the agency of the Court Receiver, the Court Receiver shall appoint any third party a an agent in respect thereof on the same terms and conditions. In that event, the Respondent shall be entitled to bid for the agency. 3 ARBP.1214/2010 (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 of 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 equipments/vehicles/assets, the Respondent either through themselves or though their servants or agents are restrained in any manner from transferring, disposing of, encumbering, creating third party rights, alienating the said equipments/vehicles/assets. (vii)The Respondent is ordered and directed to disclose the location of the equipments/vehicles/assets to the Petitioner’s Advocate and the Court Receiver in writing on or before 3rd November, 2010. (viii)The costs of the Petitions shall be the costs in the arbitration proceedings.