1 arbp243-11g vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.243 OF 2011 L & T Finance Ltd. ....Petitioner V/s. F.K. Ghorwade & Anr. ....Respondents WITH ARBITRATION PETITION NO.260 OF 2011 WITH ARBITRATION PETITION NO.283 OF 2011 L & T Finance Ltd. ....Petitioner V/s. M.K.S. Engineering Co. Pvt. Ltd. & Anr. ....Respondents WITH ARBITRATION PETITION NO.281 OF 2011 L & T Finance Ltd. ....Petitioner V/s. B.P. Patil & Anr. ....Respondents WITH ARBITRATION PETITION NO.285 OF 2011 L & T Finance Ltd. ....Petitioner V/s. S.M. Sorathiya & Anr. . ...Respondents WITH ARBITRATION PETITION (LODGING) NO.293 OF 2011 L & T Finance Ltd. ....Petitioner V/s. K.H. Divekar & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.299 OF 2011 L & T Finance Ltd. ....Petitioner V/s. S.B. Pote & Ors. ....Respondents 2 arbp243-11g WITH ARBITRATION PETITION (LODGING) NO.306 OF 2011 L & T Finance Ltd. ....Petitioner V/s. C.P. Koli & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.294 OF 2011 L & T Finance Ltd. ....Petitioner V/s. S.G. Dhole & Ors. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.295 OF 2011 L & T Finance Ltd. ....Petitioner V/s. H.V. Ingale & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.296 OF 2011 L & T Finance Ltd. ....Petitioner V/s. N.G. Patil & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.297 OF 2011 L & T Finance Ltd. ....Petitioner V/s. S.K. Wagh & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.298 OF 2011 L & T Finance Ltd. ....Petitioner V/s. D.G. Thakare & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.300 OF 2011 L & T Finance Ltd. ....Petitioner V/s. S.A. Bhange & Anr. ....Respondents 3 arbp243-11g WITH ARBITRATION PETITION (LODGING) NO.301 OF 2011 L & T Finance Ltd. ....Petitioner V/s. D.B. Lawhale & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.304 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Y.N. Pathan & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.305 OF 2011 L & T Finance Ltd. ....Petitioner V/s. N.K. Rathod & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.317 OF 2011 L & T Finance Ltd. ....Petitioner V/s. V.S. Gulhane & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.318 OF 2011 L & T Finance Ltd. ....Petitioner V/s. S.A.Sayeed Kalandar & Ors. ....Respondents Ms.Shakuntala Joshi i/b M/s.S.I. Joshi & Co. for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 11TH APRIL, 2011. P.C. :- 1. These are petitions under section 9 of the Arbitration & 4 arbp243-11g Conciliation Act, 1996. 2. According to the Petitioner, the Respondents are bound and liable to pay various sums under loan-cum-hypothecation agreements entered into between the Petitioner and the Respondents. In Arbitration Petition (Lodging) Nos.299 of 2011, 294 of 2011, 297 of 2011 and 300 of 2011, Respondent Nos.1 and 2 are the borrowers and Respondent No.3 are the guarantors. In the remaining petitions, respondent No.1 is the borrower and respondent No.2 is the guarantor. According to the Petitioner, the amounts under the said agreements have not been repaid. The Petitioner’s dues are secured by the hypothecation of the equipment/vehicles. As a result thereof, the matters are to be decided in arbitration. 3. I am inclined to direct in each case the Court Receiver to take possession of the vehicles/equipment, without giving notice to the Respondents, when the Petitioner informs the Court Receiver of the location of the vehicle. This is to obviate the Respondents from creating any difficulties in the Court Receiver implementing this order. The same would not prejudice the Respondents as they are always at liberty to apply in the event of their being aggrieved by the same. 4. In the circumstances, the above petitions are disposed of by the following order :- (i) Pending the hearing and final disposal of the arbitration proceedings, and for a period of twelve weeks thereafter the Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated equipment/vehicles referred to in the agreements and prayer 5 arbp243-11g clause (a) or (a-i) of the petitions, as the case may be with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908. (ii) In case the Petitioner informs the Court Receiver of the location of the equipment/vehicles, the Court Receiver shall take possession thereof, without intimation to the Respondents. Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the said vehicle. (iii) Upon taking possession of the said equipment/vehicles, the Court Receiver shall, in the first instance, appoint the respective Respondents as an agent in respect of the said equipment/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 file a report for seeking directions including for appointing an agent in respect thereof or for the sale of the said hypothecated equipment/vehicles. (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 equipment/vehicles, the Respondents, either by themselves or through their servants or agents are restrained in any manner from transferring, disposing of, alienating, encumbering or creating any third party rights in respect of the said hypothecated equipment/ vehicles. 6 arbp243-11g (vii) The Respondents are ordered and directed to disclose the location of the equipment/vehicles within two weeks from the date of service of the copy of this order. (viii) The costs of the petitions shall be the costs in the arbitration proceedings.