1 17.arbp.724.10.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION skt ARBITRATION PETITION NO. 724 OF 2010 Indusind Bank Ltd. ... Petitioner Vs. Mohd. Abdul Shaikh & Anr. ... Respondents ...... Mr.Amol Desai for the Petitioner. None for the Respondents. ...... CORAM : S.J. VAZIFDAR, J. DATE : OCTOBER 11th, 2010. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 The Respondents have been absent throughout. No affidavit-in- reply has been filed. An ad-interim order dated 8th September 2010 was passed. No payments have been received by the Petitioner even thereafter. 3 The vehicle is hypothecated by the Respondents in favour of the Petitioner as security for repayment for the amount due under the loan agreement. 4 In the circumstances, the petition is disposed of by the following order : 2 17.arbp.724.10.sxw (i) The petition is made absolute in terms of prayers (a) & (c), except the words bracketed in red in both the prayers. (ii) The Court Receiver shall, in the first instance, appoint the Respondents as his agents on the usual terms and conditions including as to security and royalty. (iii) In the event of the Respondents refusing to accept the agency of the Court Receiver, the Court Receiver shall appoint any third party as agent of the vehicle. In that event, the Respondents shall be at liberty to bid for the agency of the Court Receiver. -