1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.876 OF 2009 L & T Finance Limited ...Petitioner vs. Tukaram Dnyanoba Gaikwad & Anr. ...Respondents Ms Shakuntala Joshi a/w Mr.S.S.Anabhawane i/b M/s.S.I.Joshi & Co. for the Petitioner None for the Respondent CORAM :A.S.OKA,J. DATE : DECEMBER 10, 2009 P.C. 1 The learned counsel for the petitioner states that the notice has been served in terms of order dated 30 th September 2009 passed by this court. Affidavit of service is tendered on record. 2 The case of the petitioner in this petition under section 9 of the Arbitration and Conciliation Act,1996 is that the 1 st respondent applied for loan under Kisan Gaurav Scheme which is a retail finance scheme for purchase of tractors. Accordingly, a loan of Rs. 3,60,000/- was granted by the petitioner in favour of the 1 st respondent for purchasing a tractor more particularly described in Exhibit F to the petition. The 2 nd respondent guaranteed the repayment of loan. True copies of the loan cum hypothecation agreement and letter of guarantee are annexed to the petition. As the respondents committed defaults, a legal notice was issued 2 on 29 th June 2009 to the respondents calling upon them to pay the overdue amount. Arbitration clause in the agreement was also invoked by the said notice and an Arbitrator was appointed. There was no response to the notice. 3 The petitioner is seeking interim relief under section 9 of the said Act of appointment of the Court Receiver in terms of prayer clause (a-1). The tractor is hypothecated with the petitioner. The overdue amount of the debt is more than Rs.3,00,000/-. Therefore, the petitioner is entitled to relief in terms of prayer clause (a-1). However, the Receiver will act upon this order only after the details of present location of the tractor are communicated in writing by the petitioner. 4 Hence, I pass the following order : 5 (i) The petition is made absolute in terms of prayer clause (a-1). The Court Receiver will act upon this order only after the details of the present location of the tractor are communicated in writing by the petitioner. It will be open for the Court Receiver to take possession of the tractor without notice to the respondents. ii)The Court Receiver and the concerned police station will act upon an authenticated copy of this order. iii)The petition is accordingly disposed of. JUDGE