kbp 1 973-09.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION [LD] NO.1070 OF 2009 IN SUIT NO.973 OF 2009 L & T Finance Limited ..Petitioner Vs. Mohd. Iqbal and anr. ..Respondents ......... Ms.S.I.Joshi i/b.M/s. S.I. Joshi & Co., for petitioner. ......... CORAM : A.S.OKA, J.. DATE : 5 th December, 2009. P.C. : 1] Learned counsel for the petitioner invited my attention to the order dated 24 th September, 2009. Rule is already issued in the petition under the said order. The learned counsel for the petitioner has tendered on record an affidavit of service of notice to the respondents. The affidavit is taken on record and marked as “X” for identification. None appears for the respondents. 2] This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. As stated earlier, the Rule has been already served, and therefore, the petition is taken up for final hearing. 3] The first respondent requested the petitioner for grant loan facility for purchase of a TATA truck . A loan of Rs.12 lacs was granted by the petitioner to kbp 2 973-09.sxw the first respondent. Accordingly, a loan-cum-hypothecation agreement dated 18 th February, 2008 was executed between the first respondent and the petitioner. The terms and conditions of the repayment of loan were incorporated in the said agreement. An arbitration clause being the Clause No.17 has been incorporated in the said agreement. The second respondent executed the deed of guarantee on 18 th February, 2008 by which he guaranteed the repayment of the loan amount by the first respondent. 4] As defaults were committed by the first respondent, a notice dated 21 st July, 2009 was issued by the advocate of the petitioner to the respondents. A demand has been made of a sum of Rs.13,16,736/- comprising of overdue installments, cheque bouncing charges, overdue charges and unmatured loan installments with further interest. By the said notice, the arbitration clause has been invoked by the petitioner. The appointment of the Arbitrator has been made by the petitioner by the said notice The petitioner by letter dated 6 th August, 2009 has made a reference to the said Arbitrator. 5] The interim relief sought in this petition is by way of appointment of the Court Receiver. A reliance has been placed on various clauses of the hypothecation agreement. 6] There is no reply filed by the respondents. The vehicle appears to be hypothecated with the petitioner for repayment of loan amount with interest and other charges. In the circumstances, a case is made out for grant of relief in kbp 3 973-09.sxw terms of prayer clause (a-1). However, the Court Receiver shall act upon this order only after the petitioner informs the Court Receiver about the details of the present location of the vehicle. 7] Accordingly, the petition is made absolute in terms of prayer clause (a-1). The Court Receiver shall act only after the details about the location of the hypothecated vehicle are communicated to him. The Court Receiver and the concerned Officer of the local police station to act upon authenticated copy of this order. ( A.S.OKA, J. )