1 arbp523-11c vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.523 OF 2011 WITH ARBITRATION PETITION NO.562 OF 2011 L & T Finance Limited ....Petitioner V/s. Peacock Media Limited & Ors. ....Respondents Ms.Shakuntala Joshi i/b S.I. Joshi & Co. for the Petitioner. Mr.M.S. Dehlvi i/b Bejai & Co. for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 11TH JULY, 2011. P.C. :- 1. These are the petitions under section 9 of the Arbitration and Conciliation Act, 1996. 2. According to the petitioner, an amount of over Rs.1.00 crore and over Rs.6.00 crores are due and payable by the respondents in the first and second petitions respectively. The repayment of the dues, it is alleged, is secured by the mortgage of the properties mentioned in each of the agreements. 3. Prima-facie, the petitioner’s case is well founded. 4. The respondents however, state that there are about twenty five workers employed on the property which is mortgaged in the second petition and three employees are engaged in the property, which is the subject matter of the first petition. 2 arbp523-11c 5. The respondents have taken, at least in Court, a fair stand and have honestly stated their difficulties. The respondents appear to have had some difficulty in recovering their dues from one of their debtors. Considering the fact that there are certain employees at site and that the respondents are trying to recover their dues from third parties, drastic orders are not warranted at this stage. The properties are secured by the appointment of a Court Receiver. I would not at this stage make the respondents pay the total royalty which would be payable in respect of the properties. In the facts of this case, the petitions are disposed of by the following order :- i) The Court Receiver is appointed as the receiver in respect of the properties mentioned at Exhibit “G” of each of the petitions, with all powers under order 40 rule 1 of the Code of Civil Procedure. However, at this stage, the Court Receiver shall appoint the respondents as his agents without security or royalty. The Court Receiver shall within six weeks file a report indicating the royalty payable in respect of each of the properties. Thereupon, liberty to the petitioner to apply on the Court Receiver’s Report for fixation of the royalty payable by the respondents. In the event of the respondents failing to accept the agency of the Court Receiver, liberty to the petitioner to apply including for appointment of any third party as the agent of the Court Receiver. In that event liberty to the respondents to apply. ii). Till the Court Receiver takes possession, order in terms of prayer (c) in both the petitions. There shall also be an order in terms of prayer (d) in both the petitions.