- 1 - 42.arbpl.308.11 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION (LODGING) NO.308 OF 2011 Reliance Capital Limited ..Petitioner -Versus- Sunsar Impex Pvt. Ltd. & Ors. ..Respondents .......... Mr.Rahul Mehta with Mr.Nikhil Mehta i/b KMC Legal Venture for the Petitioner. None for for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 2ND MAY 2011. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 Prima-facie the amount of about Rs. 1.80 crores is due and payable by the respondents to the petitioner under the loan granted by the petitioner to respondents. The agreement states that the petitioner is entitled to the first charge by way of hypothecation in respect of the premises mentioned in Exhibit “D” to the petition. The learned counsel - 2 - 42.arbpl.308.11 appearing on behalf of the petitioner makes a statement that the documents of title were deposited with the petitioner with an intention to create equitable mortgage. The same has not, however, been stated in the petition. The agreement, however, provides a charge. 3 In the circumstances, the petition is made absolute in terms of prayer (a) except the words bracketed in red. 4 The Court Receiver shall appoint the respondents as his agents without security but on payment of royalty. In the event of the respondents not accepting the agency of the Court Receiver, the Court Receiver shall appoint any third party as his agent. In that event, liberty to the respondents to bid for the agency. 5 Till the Court Receiver takes possession, order in terms of prayer (c) except the word “dealing” bracketed in red. The arbitration petition is accordingly disposed of. -