- 1 - 20.arbp.503.2011 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.501 OF 2011 AND ARBITRATION PETITION NO. 502 OF 2011 AND ARBITRATION PETITION NO. 504 OF 2011 AND ARBITRATION PETITION NO. 505 OF 2011 AND ARBITRATION PETITION NO. 506 OF 2011 AND ARBITRATION PETITION NO.507 OF 2011 AND ARBITRATION PETITION NO. 508 OF 2011 AND ARBITRATION PETITION NO. 515 OF 2011 AND ARBITRATION PETITION NO.516 OF 2011 AND ARBITRATION PETITION NO. 517 OF 2011 AND ARBITRATION PETITION NO. 518 OF 2011 L & T Finance Ltd. ..Petitioner (in all petitions) -Versus- Ashok Sanap & Anr. ..(ARBP No.501/2011) Lalit R. Patel & Anr. (ARBP No.502/2011) Balram K. Patel & Anr. (ARBP No.504/2011) Hasambhai M. Abada & Ors. (ARBP No.505/2011) Deepak Kumar & Ors. (ARBP No.506/2011) Santosh B. Murumkar & Ors. (ARBP No.507/2011) - 2 - 20.arbp.503.2011 Anirudha Mihir Lal Dhar & Ors. (ARBP No.508/2011) Narendra Kumar R. Arora & Anr. (ARBP No.515/2011) Harpreet Singh G. Chandok & Anr. (ARBP No.516/2011) Kishor Kumar R. Lambha & Anr. (ARBP No.517/2011) Sikinder Arif Khan & Anr. (ARBP No.518/2011) ..Respondents (in respective petitions) .......... Ms.Disha Karambar for the Petitioner in all the petitions. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 4TH JULY 2011. P.C. 1 These are petitions under section 9 of the Arbitration & 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 - 3 - 20.arbp.503.2011 respective respondents. The entire amount not having been repaid, the present petitions have been filed. 3 It is, therefore, necessary to secure the petitioners’ 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 XI, 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. - 4 - 20.arbp.503.2011 (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. (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 their assets within two weeks from the date of service of the copy of this order. The disclosure of assets shall be on affidavit. The undertaking to file the affidavit of service within two weeks, if not already filed, is accepted. -