1 pps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Arbitration Petition No.720 of 2010 L & T Finance Limited .. Petitioner v/s. Mr.Chandrakant Jagannath Barde & Ors. ..Respondents Ms. Shakuntala Joshi for the Petitioners Ms.Vaishali Bhilare for the Respondents CORAM : R.Y.GANOO, J. DATED : 27th April, 2010 P.C. : 1. Heard learned Advocates on both sides. Learned Advocate for the respondents undertakes to file vakalatnama within 7 days from today. Undertaking is accepted. This petition can be disposed of at the stage of final hearing. The petitioners advanced loan to respondent No.1 for purchase of vehicle described in Exhibit E. The respondent No.2 is the co-borrower and the respondent no.3 is the guarantor. Learned Advocate for the respondents states that the respondents would pay the sum of Rs.57,000/- within a period of one week from today. 2 This goes to show that the respondents have not complied with the monetary liability. In my view, the petition can be disposed of by passing order of injunction restraining the respondent no.1 from creating third party right or parting with possession of the vehicle. Similarly, if the respondents fail to pay to the petitioners Rs.57,000/- by Demand draft on or before 7.5.2010, such payment to be made at Mumbai, the Petitioners will be at liberty to take possession of the vehicle described in Exhibit E if the loan cum hypothecation agreement permits them to do so, subject ofcourse to having police assistance. The petition is disposed of by passing following order. ORDER Pending the hearing and disposal of the arbitration before the learned Arbitrator, who has already taken charge of the arbitration, the respondent No.1 is restrained from creating third party right and or parting with possesion in regard to the vehicle described in Exhibit E. If respondents fail to pay to the petitioners at Mumbai by Demand Draft the sum of Rs,57,000/- on or before 7.5.2010 the petitioners are free to take possession of the vehicle mentioned in Exhibit E, if the loan cum hypothecation agreement permits the petitioner to do so, of course with police protection. If the police protection is sought, 3 concerned police station shall give police protection on payment of necessary charges. ii) If the original R.C.Book is with the petitioners, they are directed to supply to the respondent No.1 xerox copy thereof with remark, by certifing it as true copy. [R.Y.GANOO, J.]