1 ARBP1006.09.sxw JPP IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 1006 OF 2009 L and T Finance Ltd. ... Petitioners. V/s. Gurunath B. Padulkar and Ors. ... Respondents. Ms. Shakuntala Joshi i/b. S.I. Joshi & Co. for the Petitioners. None for the Respondents. CORAM : R.Y. GANOO, J. DATED : 20th JULY 2010. P.C. :- Heard learned Counsel for the Petitioners. According to the Petitioners, Respondent No.1 borrowed loan for purchase of equipment set out in Exhibit ‘F’. Respondent No.2 has acted as a guarantor. As per the particulars of claim, a sum of Rs.6,15,000/- and odd is due and payable. The learned Counsel for the Petitioners asserts that since after the filing of the Petition, nothing has been paid. Hence, the amount due and payable is definitely Rs.6,15,000/-. 2 ARBP1006.09.sxw 2. She prayed for appointment of the Court Receiver and sale of the said equipment. According to her, the agreement states that if the monies are not paid, the equipment can be sold. She has also asked for appropriate reliefs in terms of the respective prayers. 3. Looking to the nature of reliefs sought and the default on part of the Respondents, one thing is sure that an order of injunction is required to be granted restraining Respondent No.1 from creating third party rights and/or parting with possession. Similarly, the Petitioners have made out the case for appointment of a Court Receiver so that the Court Receiver would be able to take possession of the said equipment and retain the vehicle under his control so that in case the Award is passed against the Respondents, the said equipment can be made use of for the purposes of defraying the loan liability. The prayer of the Petitioners that the equipment be sold after the Receiver takes charge thereof, cannot be granted because the Petitioners have not been able to secure the Award. 4. In addition to the aforesaid reliefs, I am inclined to direct Respondent Nos.1 and 2 to file affidavit disclosing therein the 3 ARBP1006.09.sxw moveable and immovable assets held by them as of 15th July 2010. This should be done within a period of two weeks from the date of service of this order upon them. 5. In view of the above, following order is passed to dispose off this Petition :- (i) Receiver, High Court, Bombay is hereby appointed in regard to the property mentioned at Exhibit ‘F’. (ii) Receiver shall take possession of the said property and the Petitioners shall arrange to keep the said property under the control of the Receiver at an appropriate place. (iii) Till the disposal of the Arbitration Proceedings, Respondent No.1 is restrained from creating third party rights and/or parting with possession of equipment at Exhibit ‘F’ if the Receiver is unable to take possession of the said equipment. (iv) Respondent Nos.1 and 2 are directed to serve upon the Petitioners a list of moveable and immovable assets held by them as of 15th July 2010. This be done within 4 ARBP1006.09.sxw two weeks from the service of the authenticated copy of this order upon Respondent Nos.1 and 2. (v) Respondent Nos.1 and 2 to pay to the Petitioners costs of this Petition. (vi) The Petition stands disposed of accordingly. (R.Y. GANOO, J.)