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 ARBITRATION PETITION NO.120 of 2009. ARBITRATION PETITION NO.120 of 2009. ARBITRATION PETITION NO.120 of 2009. Kotak Mahindra Bank Ltd. ..Petitioner versus Stalin Elish Soman & Others ..Respondents Mr.Nikhil Mehta i/b/ Disha Karambar for the petitioner CORAM : R.Y.GANOO, J. CORAM : R.Y.GANOO, J. CORAM : R.Y.GANOO, J. DATED : 3rd April, 2009. DATED : 3rd April, 2009. DATED : 3rd April, 2009. P.C. 1. Heard learned Advocate for petitioner. Respondents have not appeared. The petitioner advanced loan to the respondent Nos.1 and 2. Consequently, they have not complied with mandatory liability. Hence, ad-interim injunction in terms of prayer clause (b) was granted. 2. The learned Counsel for the petitioner submitted that the Receiver, High Court, Bombay be appointed in regard to the suit vehicle described in the body of the petition, and Receiver be permitted to sell the suit vehicle by private treaty and appropriate Order be passed regarding payment of sale proceeds to the petitioner towards -2- satisfaction of the loan amount. 3. I have considered the submission and the Receiver is required to be appointed with arrangement to sell the suit vehicle. In view of this, following order is passed. ORDER i. Receiver, High Court, Bombay is appointed in respect of suit vehicle. ii. Receiver shall take charge of the suit vehicle and allow the petitioner to sell the suit vehicle by private treaty. iii. The expenses for sale of the said vehicle shall be deducted from the sale proceeds. The petitioner shall pay the Receiver’s Charges and thereafter the Receiver shall permit the petitioner and the purchaser to finalise the transaction regarding sale. The balance of the sale proceeds will be appropriated by the petitioner towards loan amount. The petitioner to write letter to the Receiver informing him about the appropriation of the sale proceeds towards the loan amount. Till -3- such time Receiver takes physical possession of the said vehicle, there shall be Order in terms of prayer clause (b). iv. Petition stands disposed of in above terms. v. Respondent to pay to petitioner costs of this petition. (R.Y.Ganoo, J.) (R.Y.Ganoo, J.) (R.Y.Ganoo, J.)