241wp5415.10.odt 1 . IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH, NAGPUR WRIT PETITION NO. 5415 OF 2010 ( Shri Sheikh Mohammed Sk. Mukaram .vs. Shriram Transport Finance Co. Ltd. and another) Office Notes, Office Memoranda of Coram, appearances, Court's orders or directions and Registrar's orders. Court's or Judge's orders CORAM : MOHIT S. SHAH, C. J. & D. D. SINHA, J. DATE : 24/01/2011. P. C. Heard Mr. Y. V. Nayyar, Adv. for the petitioner and Mr.Sameer Adkar, Adv. for respondent no.1. The petitioner's vehicle being truck bearing registration No.MH-31 CB 2511 was seized by respondent no.1/Company on the ground of non-payment of instalments under the hypothecation agreement between the parties. The vehicle was seized in month of March, 2010. The parties have, thereafter, appointed an arbitrator and the matter is pending with the arbitrator since June, 2010. 241wp5415.10.odt 2 . The petitioner's case in this petition is that the petitioner has paid substantial amounts to respondent no.1. According to the petitioner, the outstanding amount under the agreement is only Rs.1,04,000/-, but the respondent has seized the vehicle on the basis of higher calculation, which is not justified. It is further submitted that the petitioner is not able to carry on his business on account of seizure of his truck, which is the only source of his livelihood. On the other hand, the learned Counsel for respondent no.1/Company submits that, the petitioner having committed defaults under the hypothecation agreement, the petitioner is not entitled to invoke the jurisdiction of this Court and that too, when the arbitration proceedings are pending. It is stated by the learned Counsel for respondent no.1 that, as on today, the outstanding amount is Rs.1,94,356/- and therefore, the vehicle will be released only after the petitioner pays the said amount. Having heard the learned Counsel for the respective parties, in the peculiar facts and circumstances of this case, it appears to us that the interests of justice will be served if the respondent no.1 is directed to release the vehicle of the petitioner being truck bearing 241wp5415.10.odt 3 . registration No.MH-31 CB 2511 upon the petitioner paying the respondent no.1 a sum of Rs.1,04,000/- and furnishing the bank guarantee for 50 % of the differential amount i.e. 50 % of the amount of difference [i.e. 50 % of Rs.1,94,356 – Rs.1,04,000/- = 50 % of Rs.90,356/-]. As soon as the petitioner complies with both the above conditions mentioned above, the respondent no.1 shall release the afore-mentioned vehicle of the petitioner within 48 hours of the conditions being complied with. It is clarified that we have not gone into the merits of the controversies between the parties and all the contentions raised in the instant petition are kept open. The petition is accordingly disposed of in terms of the above directions. CHIEF JUSTICE JUDGE jais