1 pps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Arbitration Petition No.458 of 2010 L & T Finance Limited .. Petitioner v/s. Mr.Jagannath Madhukar Badade & Another ..Respondents Ms.Joshi for the Petitioner None for the Respondent CORAM : R.Y.GANOO, J. DATED : 6th April, 2010 P.C. : 1. Affidavit of service is filed. Taken up for final hearing. The petitioners claim that they have advanced loan to the respondent nos.1 and 2 on the strength of the loan cum hypothecation agreement dated 24.2.2006. According to the petitioners, the respondents have failed in complying with the monetary liability and hence the present petition is filed for interim reliefs under Section 9 of the Arbitration and Conciliation Act (hereafter referred to as the said Act). 2 2. It is conceded by the learned Advocate for the Petitioners that the Arbitrator took charge of the matter in September 2009 and till today the statement of claim is not filed. 3. I have heard learned Advocate for the Petitioners on the question of what interim relief is to be granted. 4. After having considered the point in question, and the conduct of the petitioners, in my view, as of today it would be proper if the interim relief is granted restraining the respondent no.1 from creating third party rights and or parting with possession in regard to the tractor described in Exhibit F. The respondents, namely respondent no.1, the principal borrower, respondent No.2, the co-borrower and respondent no.3, the guarantor can be directed to submit list of assets held by them as of 1.4.2010 so that the petitioners may get an idea about the assets of the respondents and that information can be used by the petitioners if the award is passed in favour of the petitioners. So far as the contents of the hypothecation agreement dated 24.2.2006, it permits the petitioners to take possession of the tractor and deal with the tractor if the instalments are not paid from time to time by the borrower/respondents. Liberty can be given to the petitioners to 3 make use of the said terms and to take possession of the tractor. That ofcourse will be subject to the result of the arbitration proceedings Hence the following order is passed to dispose of the petition. ORDER i) Respondent no.1 is restrained from creating third party right or parting with possession in regard to the tractor more particularly described in Exhibit F to the petition. ii) Respondent nos.1 to 3 are directed to file affidavit before the learned Arbitrator within a period of two weeks from today, mentioning therein the various assets held by them as of 1.4.2010. iii) The Petitioners are granted liberty to act in terms of the loan cum hypothecation agreement dated 24.2.2006 so far as getting possession of the tractor and take further steps in accordance with the provisions of the said agreement dated 24.2.2006. iv) If the petitioners are in a position to trace the tractor and if they wish to take possession of the said tractor in terms of agreement 4 dated 24.2.2006, and if they find any difficulty in getting the possession, they are free to take help of the concerned police station within whose jurisdiction the tractor is located and such a help shall be rendered by the said police station. v) There shall be no order as to costs. [R.Y.GANOO, J.]