1 arbp1177-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1177 OF 2010 Citicorp Finance (India) Ltd. ....Petitioner V/s. Sandesh Kerekar & Anr. ....Respondents Ms.S.I. Joshi i/b M/s.S.I. Joshi & Co. for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 4TH OCTOBER, 2010. 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 the various sums of money under the loan/hypothecation agreements entered into between the parties. Further according to the Petitioner, the amounts under the said agreement have not been repaid. As a result thereof, the matter is to be decided in arbitration. Interim orders have been passed in most of the matters. 3. 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 if the Award is passed in favour of the Petitioner, before the same is enforced; the Court Receiver, High Court, Bombay is 2 arbp1177-10 appointed as a Receiver of the hypothecated equipments/vehicles/assets referred to in the agreement and prayer clause (a-i) 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 of 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 Respondent 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 the Respondent refusing to accept agency of the Court Receiver, the Court Receiver shall appoint any third party as an Agent in respect thereof on the same terms and conditions. In that event, the Respondent shall be entitled to bid for the agency. (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 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 through themselves or through their servants or agents are restrained in any manner from transferring, disposing of, encumbering, creating third party rights, alienating the said equipments/vehicles/ assets. (vii) The Respondents are ordered and directed to disclose the location of the equipments/ vehicles/ assets within two weeks from the date of service of the copy of this order. (viii) The costs of the petition shall be the costs in the arbitration proceedings. The undertaking to file the affidavit of service within two weeks from today, if not already filed, is accepted.