1 12.arbp.471.10 48.arbp.468.10.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 471 OF 2010 AND ARBITRATION PETITION NO. 928 OF 2010 AND ARBITRATION PETITION NO. 112 OF 2010 AND ARBITRATION PETITION NO. 113 OF 2010 AND ARBITRATION PETITION NO. 114 OF 2010 AND ARBITRATION PETITION NO. 350 OF 2010 AND ARBITRATION PETITION NO. 351 OF 2010 AND ARBITRATION PETITION NO. 352 OF 2010 AND ARBITRATION PETITION NO. 454 OF 2010 AND ARBITRATION PETITION NO. 468 OF 2010 AND ARBITRATION PETITION NO. 472 OF 2010 AND ARBITRATION PETITION NO. 473 OF 2010 AND ARBITRATION PETITION NO. 501 OF 2010 AND ARBITRATION PETITION NO.614 OF 2010 AND ARBITRATION PETITION NO. 739 OF 2010 AND ARBITRATION PETITION NO.740 OF 2010 AND ARBITRATION PETITION NO. 742 OF 2010 AND ARBITRATION PETITION NO. 743 OF 2010 AND ARBITRATION PETITION NO. 751 OF 2010 2 12.arbp.471.10 48.arbp.468.10.sxw AND ARBITRATION PETITION NO. 831 OF 2010 AND ARBITRATION PETITION (LODGING) NO. 1880 OF 2009 AND ARBITRATION PETITION NO.984 OF 2010 AND ARBITRATION PETITION NO. 985 OF 2010 AND ARBITRATION PETITION NO.986 OF 2010 AND ARBITRATION PETITION NO.988 OF 2010 AND ARBITRATION PETITION NO.992 OF 2010 AND ARBITRATION PETITION (LODGING) NO.1488 OF 2009 L & T Finance Ltd. ... Petitioner (in all matters) Vs. Pamikumar D. Achnani & Ors. (471/2010) Eddiga Ramanjaneyulu (928/2010) Narayanappa (112/2010) Mahalingaiah (113/2010) Chand Hussain (114/2010) Bharathaji Chavda (350/2010) Manoj Kumar Chandrakar (351/2010) Siddhappa Dhondappa Birajdar (352/2010) KGN Constructions (454/2010) Pamikumar Dosami Achnani (468/2010) Pramod Kumar Nayak (472/2010) Vijay Shantaram Thigale (473/2010) L.Tamil Vanan (501/2010) Tanaji Phadtare (614/2010) Abhishek Shukla (739/2010) Harijana Swamy Das (740/2010) Piyush Agarwal (742/2010) Shital Singh (743/2010) Rajendra Prasad Saran (751/2010) 3 12.arbp.471.10 48.arbp.468.10.sxw Jeelan Basha (831/2010) Mangal Singh Bachan Singh ((Lodg.)1880/09 Poliki Linganna (984/2010) Yerragudla Konda Reddy (985/2010) Vasantha Jaya Reddy (986/2010) Harijana Pothanna (988/2010) Nagothi Shankaraiah Reddy (992/2010) Vadde Peddanarayana (Lodg.)1488/09 ... Respondents (in respective matters) ...... Ms.Disha Karambar for the Petitioner. Mr.A.S.Lambhate i/by Ms.Shruti Kelji for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 11th, 2010. P.C. 1 These are petitions under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The parties have entered into loan-cum-hypothecation agreements. Under the said agreements, the Petitioner had granted loans to the respective Respondents which were guaranteed by the respective Respondents in each of the petitions. The Respondents had in each of the petitions hypothecated the vehicles in favour of the Petitioner to secure the due repayment of the amount lent and advanced by the Petitioner to the respective Respondents. The entire amount not having been repaid, the present petitions have been filed. 4 12.arbp.471.10 48.arbp.468.10.sxw 3 It is, therefore, necessary to secure the Petitioner’s claim. 4 The petitions are disposed of by the following order : (i) Pending the hearing and final disposal of the arbitration proceedings and where the Awards are passed in favour of the Petitioner, before the same are enforced; the Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated equipments/vehicles/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 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 respective 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 any 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 Respondents shall be entitled to bid for the agency. 5 12.arbp.471.10 48.arbp.468.10.sxw (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) Each of the Respondents is ordered and directed to disclose the location of the hypothecated equipments/ vehicles/ assets as well as all their assets within two weeks from the date of service of the copy of this order. The disclosure of assets shall be on affidavit. (viii) The costs of the petitions shall be the costs in the arbitration proceedings. 5 In Arbitration Petition No.471 of 2010, the vehicle met with an accident and in Arbitration Petition No.468 of 2010, the vehicle has been stolen. In the event of the Respondents in these petitions receiving any 6 12.arbp.471.10 48.arbp.468.10.sxw amount pursuant to the claim of insurance from the Insurance Company, they shall deposit the same in this Court or with the Petitioner. If the Petitioner is entitled to, it is free to process the insurance claim and appropriate the amount towards its dues subject to the final award. -