1 arbpl365-11 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION (LODGING) NO.365 OF 2011 L & T Finance Limited ....Petitioner V/s. Laxman D. Gholap & Anr. ....Respondents Ms.Shakuntala Joshi i/b S.I. Joshi & Co. for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 20TH JUNE, 2011. P.C. :- 1. This is a petition under section 9 of the Arbitration and Conciliation Act, 1996. 2. According to the petitioner, the respondents are bound and liable to pay a sum of over Rs.2,50,000/- under the loan/hypothecation agreement entered into between the petitioner and the respondent No.1. Respondent No.2 is the guarantor. The petitioner’s dues are secured by the hypothecation of the vehicle. As a result thereof, the matter is to be decided in arbitration. 3. The ad-interim order is also not complied with. 4. In the circumstances, the above petition is disposed of by the following order :- (i) Pending the hearing and final disposal of the arbitration proceedings, and for a period of twelve weeks thereafter the Court 2 arbpl365-11 Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated vehicle referred to in prayer clause (a) of the petition, with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908. (ii) In the event of the petitioner itself indicating the location of the said vehicle, the Court Receiver shall take possession thereof, without notice of the respondents. (iii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the said vehicle. (iv) Upon taking possession of the said vehicle, the Court Receiver shall, in the first instance, appoint the respondents as an agent in respect of the said vehicle on usual terms and conditions including as to security and royalty. (v) In the event of any respondents refusing to accept the agency of the Court Receiver, the Court Receiver shall file a report for seeking directions including for appointing an agent in respect thereof or for the sale of the said hypothecated vehicle. (vi) 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. (vii) Till the Court Receiver takes possession of the vehicle, the respondents, either by themselves or through their servants or agents are restrained from in any manner transferring, disposing of, alienating, encumbering or creating any third party rights in respect 3 arbpl365-11 of the said hypothecated vehicle. (viii) The respondents are ordered and directed to disclose the location of the vehicle within two weeks from the date of service of the copy of this order. (ix) The costs of the petition shall be the costs in the arbitration proceedings.