- 1 - 8.arbp.607.11 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.607 OF 2011 AND ARBITRATION PETITION NO. 608 OF 2011 AND ARBITRATION PETITION NO. 609 OF 2011 AND ARBITRATION PETITION (L) NO. 618 OF 2011 L & T. Finance Ltd. ..Petitioner (in all petitions) -Versus- G.S.Chandok & Sons & Anr. (ARBP No. 607/2011 & (ARBPL No.618/2011) Ramandeep Singh Sethi & Anr. (ARBP No.609/2011) Arshdeep Singh Sethi & Ors. (ARBP No.608/2011) ..Respondents (in respective petitions) .......... Ms.Shakuntala Joshi i/b M/s.S.I.Joshi & Co. for the Petitioner. Ms.Rashmi Gagwani i/b Mr.Ganesh K. Gole for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 4TH OCTOBER 2011. P.C. 1 These are the petitioner under section 9 of the Arbitration and Conciliation Act, 1996. - 2 - 8.arbp.607.11 2 In each of these petitions, amounts are admittedly due and payable by the respondents to the petitioner under the loan-cum-hypothecation agreement entered into between the parties. The repayment of these amounts is secured by the hypothecation of the respective vehicles/equipments. 3 The only contention on behalf of the respondents is that negotiations are going on between the parties and that the settlement has been arrived at in respect of the various other transactions as well and in respect of Arbitration Petition No.609 of 2011 above. 4 The settlement, as alleged by the respondents is as per the without prejudice letter, which is tendered in Court, taken on record and marked ‘X’. Prima-facie, it appears that the the payment of the amounts stipulated therein was a condition precedent to the settlement. There are no instructions as to whether the amounts have been paid as per the said letter. In any event, the arbitration proceedings have commenced. In view of what is stated above, the petitioner’s right requires protection. 5 In the circumstances, the petitions are made absolute in terms of prayer (a) except the words bracketed in red. The Court Receiver shall however, appoint the respondents as his - 3 - 8.arbp.607.11 agents on usual terms and conditions including as to security and royalty. In any event if the respondents pleading not to accept the agency of the Court Receiver, the Court Receiver shall in usual manner appoint a third party as his agents after inviting bids. In that event, the respondents shall be at liberty to bid for the agency of the receiver. 6 The petition is also made absolute in terms of prayer (c) and (d). Prayer (c) shall be complied with within two weeks from today in writing both to the Court Receiver and the petitioner’s advocate. The petitions are accordingly disposed of. -