- 1 - 18.arbp.1448.10 gr skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 1448 OF 2010 WITH ARBITRATION PETITION NO. 76 OF 2011 WITH ARBITRATION PETITION NO. 77 OF 2011 WITH ARBITRATION PETITION NO. 78 OF 2011 L & T Finance Limited ..Petitioner (in all Petitions) -Versus- Mohamman Razique Qureshi & Anr. ..(ARBP/1448/2010) Tarlochan Singh Gangar S/o. Labh Singh & Anr. ..(ARBP/76/2011) Shaikh Mehboob Usman & Anr. ..(ARBP/77/2011) Jagtarsingh P. Chahal & Anr. ..(ARBP/78/2011) ..Respondents (in respective petitions) .......... Mr.Durgesh Singh i/b India Law for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 2ND MAY 2011. P.C. 1 These are the petitions under Section 9 of the Arbitration and Conciliation Act, 1996. - 2 - 18.arbp.1448.10 gr 2 The various amounts are due by the Respondents to the Petitioner in respect of loan-cum-hypothecation agreement entered into by them with the Petitioner. Respondent No.1 in each of the petition is the borrower and Respondent No.2 in each of the petition is the guarantor. There is no affidavit in reply. The Respondents are absent throughout, though served. 3 In the circumstances, each of the petition is disposed of by the following order : (i) Pending the hearing and final disposal of the arbitration proceedings, the Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated assets/vehicles referred to in the agreements and prayer clause (a) of each of the petitions. (ii) Upon taking possession of the said assets/vehicles, the Court Receiver shall, in the first instance, appoint the respective Respondents as an agent in respect of the said assets/vehicles on the usual terms and conditions, including as to security and royalty. (iv) In the event of any Respondents refusing to accept the agency of the Court Receiver, the Court Receiver shall make a report. (v) Liberty to the Petitioner in that event to apply for the sale of the assets/vehicles or the appointment of any other party as the agent thereof. - 3 - 18.arbp.1448.10 gr (vi) Till the Court Receiver takes possession of the assets/vehicles, order in terms of prayer clause (c) except the words ‘dealing with’ therein. (vii) The petition is also made absolute in terms of prayer clause (f). 4 The petitions are accordingly disposed of. -