1 16 arbp.946.10 group.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 946 OF 2010 AND ARBITRATION PETITION NO.947 OF 2010 AND ARBITRATION PETITION NO. 948 OF 2010 AND ARBITRATION PETITION NO. 976 OF 2010 AND ARBITRATION PETITION NO. 1016 OF 2010 L & T Finance Ltd. ... Petitioner (in all matters) Vs. Sudam Maruti Pawali & Anr. (946/10) Ramesh P. Zolge (947/10) Mohan G. Patil & Ors. (948/10) Mahalaxmi Freight Carrier & Anr. (976/10) Haridas G. Patil & Ors. (1016/10) ... Respondents (in respective matters) ...... Ms.Shakuntala I. Joshi i/by S.I.Joshi & Co. for the Petitioner. None for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 6th, 2010. P.C. 1 These are petitions under Section 9 of the Arbitration and Conciliation Act, 1996. 2 16 arbp.946.10 group.sxw 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. 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 The undertaking to file affidavit of service in Arbitration Petition Nos. 976/2010 & 1016/2010, if not already filed, is accepted. 4 In the circumstances, the above petitions are disposed of by the following order :- (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 respective Respondents as agents in respect of the said equipment/vehicle/asset on the usual terms and conditions including as to security and royalty. 3 16 arbp.946.10 group.sxw (iii) In the event of any Respondents refusing to accept the 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 respective 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 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 or alienating the said equipment/vehicle/asset in any manner. (vi) The costs of the petitions shall be the costs in the arbitration proceedings. -