( 1 ) IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION USJ ARBITRATION PETITION NO.46 OF 2009 ARBITRATION PETITION NO.46 OF 2009 ARBITRATION PETITION NO.46 OF 2009 L & T Finance Ltd. ..Petitioners V/s. Mr. Laxman Yogi & Anr. ..Respondents ...... Ms. Shakuntala Joshi i/by S.I. Joshi & Co. for the petitioners ...... CORAM : R.Y. GANOO, J. CORAM : R.Y. GANOO, J. CORAM : R.Y. GANOO, J. DATED : 17th March, 2009 DATED : 17th March, 2009 DATED : 17th March, 2009 P.C.: P.C.: P.C.: 1. On 12th February, 2009, ad-interim order in terms of prayer clause (d) was passed so as to restrain the respondents from transferring and / or creating third party rights in respect of two suit Vehicles. The affidavit of service is filed and respondents have acknowledged the notice of the said order. Today also respondents are absent. Since the respondents have failed to comply with the monetary obligations and since the suit Vehicles have been hypothecated to the petitioners, the petitioners have priority rights over the suit Vehicles and therefore, there should be no difficulty in granting relief in terms of prayer clause (a) so that the petitioners would be able to sell the suit Vehicles by a private ( 2 ) treaty and get the sale proceeds and appropriate them towards the arrears of loan. The petitioners will have to bear the Receiver’s charges. Hence, the following order. ORDER ORDER ORDER . Petition is made absolute in terms of prayer clause (a). . After the suit Vehicles are sold as permitted in terms of prayer clause (a), petitioners shall pay the Receiver’s charges and upon payment of such charges, Receiver shall stands discharged. Till such time the suit Vehicles are sold, ad-interim order granted in terms of prayer clause (d) shall operate against the respondents. . After the suit Vehicles are sold, the petitioners shall appropriate the sale proceeds towards the outstanding loan amount and inform the Court Receiver that such adjustment has been done in the books of the petitioners’. . There shall be no order as to costs. Petition stands disposed of in above terms. ( 3 ) (R.Y. GANOO, J.) (R.Y. GANOO, J.) (R.Y. GANOO, J.)