1 36.arbp.261.08.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 261 OF 2008 L & T Finance Ltd. ... Petitioner Vs. Mr.Bastiram Udviram Mistri & Anr. ... Respondents ...... Ms.Shakuntala I.Joshi i/by S.I.Joshi & Co for the Petitioner. Ms.Shilpa Kapil for the Respondent No.1. ...... CORAM : S.J. VAZIFDAR, J. DATE : SEPTEMBER 28th , 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The parties entered into a loan-cum-hypothecation agreement under which a sum of over Rs.22 lakhs is due and payable by the Respondents to the Petitioner. The equipment/vehicle is hypothecated in favour of the Petitioner. The Respondent No.2 has been served. The facts in consideration have been stated in detail in the order dated 16th January 2009. There is no doubt that the Petitioner’s dues require protection. To protect the Petitioner, the Respondent No.2 i.e. Gholwani, Area Forest Officer, Gujarat has seized the equipment/vehicle on the allegation that the Respondent No.1 carried out illegal activities. The equipment/vehicle 2 36.arbp.261.08.sxw is at present lying with the Respondent No.2. 3 The petition is, therefore, disposed of by following order :- (i) The parties are at liberty to adopt the proceeding for recovery of the hypothecated equipment/vehicle from Respondent No.2. However, in the event of Respondent No.2 handing over possession of the said vehicle/equipment either to the Petitioner or to Respondent No.1, the same shall forthwith be handed over to the Court Receiver, High Court, Bombay, who is appointed as a Receiver thereof, with all powers under Order XL, Rule 1 of the Code of Civil Procedure, 1908. (ii) Thereupon, the Court Receiver shall appoint Respondent No.1 as his agent in respect of the said equipment on usual terms and conditions including as to security and royalty. (iii) In the event of Respondent No.1 refusing to accept the 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 Respondent No.1 shall be at liberty to pay all the expenses of the agency of the Court Receiver. (iv) The petition is also made absolute in terms of prayer ‘F’ of the petition. 3 36.arbp.261.08.sxw 4 The learned counsel appearing on behalf of the Respondent No.1 states that the affidavit disclosing his assets has been filed. Till the Award is made and for twelve weeks thereafter, the Respondent No.1 shall not dispose, alienate, transfer, encumber, part with possession of or create any third party right, title and/or interest in respect of his immovable properties including those mentioned in the affidavit, without the leave of the Court. 5 The petition stands disposed of accordingly. -