1 43.arbp.122.10.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 122 OF 2010 Citicorp Finance (India) Ltd. ... Petitioner Vs. Rashpalsingh Bhullar & Ors. ... Respondents ...... Ms.Shakuntala Joshi i/by S.I.Joshi & Co. for the Petitioner. None for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 11th, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The Petitioner and Respondent Nos. 1 & 2 have entered into the loan-cum-hypothecation agreement. The entire amount has not having been repaid, the present petition has been filed. Respondent No.1 hypothecated the equipment in favour of the Petitioner to secure the repayment of the amounts due under the loan agreement. Respondent No.3 is the Excise Officer. The Excise Department has seized the vehicle. In the circumstances, the Petitioner’s dues require protection. 2 43.arbp.122.10.sxw 3 The petition is, therefore, disposed of by the following order : (i) The petition is made absolute in terms of prayer (a) except the words bracketed in red. (ii) Till the Court Receiver takes possession, order in terms of prayer (c) except the words bracketed in red. (iii) Order in terms of prayer (d) except the words bracketed in red. Further at the end of prayer (d) the following words to be added “without leave of the Court”. (iv) The Court Receiver shall, in the first instance, appoint the Respondents in each petition, as an agent in respect of the said equipment on usual terms and conditions including as to security and royalty. (v) 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 at liberty to bid for the agency. -