*1* arbp.210.10.sxw kps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.210 OF 2010 Indusind Bank Ltd.. ..Petitioner -Versus- Gopinath Gowari and another. ..Respondents .......... Mr.Amol B. Desai, for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 23rd August, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The dispute is in respect of the Petitioner’s claim under the loan agreement dated 18.12.2007. Pursuant to the agreement, the Petitioner advanced to the Respondents a sum of Rs.17,51,688/- for purchase of a vehicle. The Respondents are absent despite being served. 3 The amount of about Rs.9 lacs is due and payable by the Respondents to the Petitioner under the said agreement. The vehicle has been hypothecated in favour of the Petitioner. 4 In the circumstances, the petition is disposed of by the following order:- (i) The petition is made absolute in terms of prayer clause (a) except the portion bracketed in red, which finally read thus:- *2* arbp.210.10.sxw “(a) pending the hearing and final disposal of the arbitration proceedings, Court Receiver, High Court, Bombay be appointed as a Receiver under Order XL Rule 1 of C.P.C. in respect of the property/asset being Ashok Leyland Taurus 2516 bearing Chassis No.UPE-633787, Engine No.UPE-441036 and having registration No.MH-06-AC-9636 more particularly described in Exhibit-C to the petition herein.” (ii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the vehicle. (iii) Upon taking possession of the vehicle, the Court Receiver shall, in the first instance, appoint the Respondent as an Agent in respect of the said vehicle on usual terms and conditions including as to security and royalty. (iv) In the event of the Respondent refusing to accept agency of the Court Receiver, the Court Receiver shall appoint any third party as an Agent in respect of the said vehicle on the same terms and conditions. (v) 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 the security being inadequate to meet the alleged claims of the Petitioner. All rights and contentions in that regard are kept open. (vi) Till the Court Receiver takes possession of the vehicle, there shall be an order in terms of prayer clause (c), except the words bracketed in red, which finally reads thus:- “(c) pending the hearing and final disposal of the arbitration proceedings, the Respondents and their respective servants and agents be restrained by an order and injunction of this Hon’ble Court in any manner disposing of and parting with possession or creating third party rights, alienating and/or *3* arbp.210.10.sxw encumbering with the said vehicle as more particularly set out in Exhibit-C hereto to the petition.” (vii) The costs of the petition shall be the costs in the arbitration proceedings. -