1 22.arbp.359.09.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 359 OF 2009 L & T Finance Ltd. ... Petitioner Vs. Arihant Marbles & Ors. ... Respondents ...... Ms.Shakuntala I. Joshi i/by M/s.S.I.Joshi & Co. for the Petitioner. None for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 1st, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 According to the Petitioner, the Respondents are bound and liable to pay the various sums of money under the loan/hypothecation agreements entered into between the parties. Further according to the Petitioner, the amounts under the said agreements have not been paid. As a result thereof, the matters are to be decided in arbitration. Interim orders have been passed in most of these matters. 3 In the circumstances, the above petition is disposed of by the following order :- 2 22.arbp.359.09.sxw (i) Pending the hearing and final disposal of the arbitration proceedings and where the Award is passed in favour of the Petitioner, before the same are enforced; the Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated equipments/vehicles/assets referred to in the agreement and prayer clause (a-i) of the petition, with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908. (ii) The Court Receiver shall, in the first instance, appoint the Respondents as an Agent in respect of the said equipment/vehicle/asset on usual terms and conditions including as to security and royalty. (iii) In the event of any Respondent refusing to accept agency of the Court Receiver, the Court Receiver shall appoint any third party as an Agent in respect thereof on the same terms and conditions. In that event, the Respondents shall be at liberty to bid for the Agency. In the event of the Court Receiver not receiving an offer from any party for being appointed as an agent, the Court Receiver shall sell the same after obtaining orders from the Court. (iv) Liberty to apply for further reliefs including in respect of those reliefs which have not been granted by this Court, after the Court Receiver takes possession and in the event of the security being inadequate to meet the alleged 3 22.arbp.359.09.sxw claims of the Petitioner. All rights and contentions in that regard are kept open. (v) Till the Court Receiver takes possession of the equipment/vehicle/asset, the Respondents either through themselves or through their servants or agents are restrained in any manner from transferring, disposing of, encumbering, creating third party rights, alienating the said equipment/vehicle/asset. (vi) The costs of the petitions shall be the costs in the arbitration proceedings. -