1 JPP IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 206 OF 2010 L & T Finance Limited. ... Petitioners. V/s. Mr. Jacob Verghese. ... Respondent. Ms. Shakuntala Joshi i/b. S.I. Joshi & Co. for the Petitioners. None for the Respondent. CORAM : R.Y. GANOO, J. DATED : 20th APRIL 2010. P.C. :- Heard learned Advocate for the Petitioners. The Petition can be disposed of finally. 2. By order dated 2nd February 2010, Receiver was appointed. The Respondent is the Borrower. The loan cum hypothecation agreement entered into between the Petitioners and Respondent permits the Petitioners to take possession of the vehicle which is the subject matter of the loan agreement. In my view, in a situation like this it would be 2 proper if an order is passed against Respondent as not to create third party rights or part with possession in regard to said vehicle. If the loan cum hypothecation agreement permits, the Petitioners to take possession or to deal with the said vehicle, such an order can be passed. The Petitioners can be permitted to do so. Hence, following order is passed to dispose of this Petition :- (i) Pending the hearing and final disposal of the Arbitration proceedings, Respondent is restrained from creating third party rights or part with possession in regard to vehicle in question. (ii) The Petitioners are permitted to take possession of the said vehicle under loan cum hypothecation agreement and to deal with the said vehicle in accordance with the said agreement. (iii) If the Petitioners require police help, they are free to approach the concerned police station and upon payment of necessary government charges for 3 police assistance, the concerned police officer will assist the Petitioners in taking charge of the said vehicle. (iv) The Court Receiver is discharged without taking of accounts. No amount is payable to the Receiver. (v) The Petition stands disposed of in the above terms with no order as to costs. (R.Y. GANOO, J.)