1 arbp766-11 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.766 OF 2011 L & T Finance Limited ....Petitioner V/s. Pragmatic Builders Pvt. Ltd. & Ors. ...Respondents Ms.Shakuntala I. Joshi i/b S.I. Joshi & Co. for the Petitioner. Mr.Rajeev Verma for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 12TH SEPTEMBER, 2011. P.C. :- 1. This is a petition under section 9 of the Arbitration and Conciliation Act, 1996. 2. According to the petitioner, the amount of Rs.31,67,865/- is due and payable in respect of the loan-cum-hypothecation agreement entered into between the petitioner and respondent No.1. Respondent Nos.2 and 3 are the guarantors. 3. After filing of the petition, an amount of about Rs.14.00 lacs was paid. According to the petitioner, an amount of about Rs.18.00 lacs is due and payable by the respondents to the petitioner. This figure takes into consideration the interest at 36% p.a. It is difficult at this stage to accept that the petitioner is entitled to interest at 36% p.a. For 2 arbp766-11 instance, the supplementary schedule stipulates interest at 6.59% p.a. and against the delayed payment charges, there is no rate mentioned. This, of course, is a matter that the arbitrator will decide. 4. According to the respondents, an amount of about Rs. 7,74,000/- is due and payable. The respondents agree and undertake to pay the said sum on or before 31.10.2011. 5. In the circumstances, the petition is disposed of by the following order :- i). Pending making of an award and for a period of twelve weeks thereafter, the respondents shall not dispose of, alienate, encumber, part with possession of or create any third party rights in respect of the equipments described in the petition. ii). In the event of the respondents failing to pay a sum of Rs. 8.00 lacs on or before 31.10.2011, the Court Receiver shall stand appointed in respect of the equipments. The Court Receiver shall, in that event, take physical possession of the equipments and appoint the respondents as his agents, without security but subject to payment of royalty. No order as to costs.