1 arbpl154-11c vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION (LODGING) NO.154 OF 2011 Citicorp Finance (I) Ltd. ....Petitioner V/s. M/s.Vaibhav Agro Agency & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.155 OF 2011 Citicorp Finance (I) Ltd. ....Petitioner V/s. M/s.Vaibhav Agro Agency & Anr. ....Respondents Ms.Shakuntala Joshi i/b M/s.S.I. Joshi & Co. for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 26TH APRIL, 2011. P.C. :- 1. These are petitions under section 9 of the Arbitration & Conciliation Act, 1996. 2. The facts in the above matters are similar. According to the Petitioners, the Respondents are bound and liable to pay the sums of money under the loan/hypothecation agreements entered into between the Petitioner and the Respondent No.1 in the first petition and the Petitioner and the Respondents in the second petition. Respondent No.2 in the first petition is the guarantor. According to the Petitioner, the amounts under 2 arbpl154-11c the said agreements have not been repaid. The Petitioner’s dues are secured by the hypothecation of the respective vehicles/ equipments. As a result thereof, the matters are to be decided in arbitration. 3. In the circumstances, the above petitions are 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 Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated equipment/vehicle/assets referred to in the respective agreements and prayer clause (a) of each of the petitions, with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908. (ii) Liberty to the Court Receiver to apply in the event any difficulty in taking possession of the said equipments/vehicles/assets. (iii) Upon taking possession of the said equipments/vehicles/assets, the Court Receiver shall, in the first instance, appoint the respective Respondents as an agent in respect of the said equipments/vehicles/assets on usual terms and conditions including as to security and royalty. (iv) In the event of any Respondent 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 equipments/vehicles/assets. (v) 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 3 arbpl154-11c meet the alleged claims of the Petitioner. All rights and contentions in that regard are kept open. (vi) Till the Court Receiver takes possession of the equipments/vehicles/assets, the Respondents, either by themselves or through their servants or agents are restrained in any manner from transferring, disposing of, alienating, encumbering or creating any third party rights in respect of the said hypothecated equipments/vehicles/assets. (vii) Each of the Respondents is ordered and directed to disclose the location of the equipment/vehicles/assets within two weeks from the date of service of the copy of this order. (viii) The costs of the petitions shall be the costs in the arbitration proceedings.