1 8.arbp.315.10.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 315 OF 2010 L & T Finance Ltd. ... Petitioner Vs. Sana Enterprises & Anr. ... Respondents ...... Ms.Shakuntala Joshi i/by S.I.Joshi & Co. for the Petitioner. None for the the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : SEPTEMBER 28th , 2010. P.C. 1 This is an application under Section 9 of the Arbitration and Conciliation Act, 1996. 2 According to the Petitioner, a sum of about Rs.17,00,000/- is due and payable by the Respondents in respect of a loan-cum-hypothecation agreement entered into between the parties. The Respondent No.2 is the guarantor. The Respondents have been absent throughout. They are absent today also. There is no affidavit-in-reply. The vehicle/equipment was hypothecated in favour of the Petitioner to secure the repayment of the dues. Further according to the Petitioner, the amounts under the said agreements have not been paid by the Respondents. The present petition is, therefore, filed. 2 8.arbp.315.10.sxw 3 In the circumstances, the above petition is disposed of by the following order :- (i) Pending the hearing and final disposal of the arbitration proceedings and if an award is passed in the Petitioner’s favour till it is enforced, the Court Receiver, High Court of Bombay is appointed as a Receiver under Order XL Rule 1 of the Code of Civil Procedure, 1908 (as amended) in respect of the said vehicle/equipment described in Exhibit -‘F’. (ii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the vehicles. (iii) Upon taking possession of the vehicle/equipment, the Court Receiver shall, in the first instance, appoint the Respondents as agents in respect of the said vehicles on the usual terms and conditions including as to security and royalty. (iv) In the event of the Respondents’ refusing to accept the agency of the Court Receiver, the Court Receiver shall appoint any third party as an agent in respect of the said vehicles on the same terms and conditions. In that event the respective Respondents shall be entitled to bid for the agency. (v) Liberty to apply for further reliefs by separate applications including in respect of those reliefs which have not been granted by this Court, after the Court Receiver takes possession and in the event the security being inadequate to 3 8.arbp.315.10.sxw meet the alleged claims of the Petitioner. All rights and contentions in that regard are kept open. (vi) Till the Court Receiver takes possession of the vehicle/equipment , the Respondents, their respective servants, agents and/or representatives are restrained from in any manner disposing of, alienating, encumbering and/or creating third party rights in respect of the vehicles/equipment which are the subject matter of their agreement. (vii) Pending the hearing and final disposal of the arbitration proceedings and in the event of the award being in the Petitioner’s favour till it is enforced, the Respondents, their respective servants and agents are restrained from in any manner parting with possession of and/or creating third party rights and/or alienating and/or encumbering the properties described in Exhibit - ‘G’ to the petition, without the leave of the Court. (viii) The costs of the petition shall be the costs in the arbitration proceedings. -