1 arbp497-11g vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.497 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Rajesh I. Saraf ....Respondent WITH ARBITRATION PETITION NO.498 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Deepak R. Shinde ....Respondent WITH ARBITRATION PETITION NO.499 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Rajesh I. Saraf ....Respondent WITH ARBITRATION PETITION NO.500 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Sanjay Kumar Bhvwal Mishra & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.497 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Murlidhar N. Yede & Anr. ....Respondents 2 arbp497-11g WITH ARBITRATION PETITION (LODGING) NO.548 OF 2011 L & T Finance Ltd. ....Petitioner V/s. M/s.Ajay Bulmovers ....Respondents WITH ARBITRATION PETITION (LODGING) NO.549 OF 2011 L & T Finance Ltd. ....Petitioner V/s. M/s.Maa Sharda Earthmovers & Anr. ....Respondents WITH ARBITRATION PETITION (LODGING) NO.550 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Suresh Vinayak Kolte ....Respondent WITH ARBITRATION PETITION (LODGING) NO.551 OF 2011 L & T Finance Ltd. ....Petitioner V/s. Rajaram Meena & Anr. ....Respondents Ms.Shakuntala Joshi i/by M/s.S.I.Joshi & Co. for the Petitioners. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 28TH JUNE, 2011. P.C. :- 3 arbp497-11g 1. These are Petitions under section 9 of the Arbitration & Conciliation Act, 1996. 2. The facts in the above matters are similar. According to the Petitioners, the Respondents are bound and liable to pay the sums of money under the loan/hypothecation agreements entered into between the Petitioner and the Respondent No.1. Respondent No.2 in some of the Petitions are the guarantors. According to the Petitioners, the amounts under the said agreements have not been repaid. The Petitioners dues are secured by the hypothecation of the respective vehicles/equipments. As a result thereof, the matters are to be decided in arbitration. 3. 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 for a period of twelve weeks thereafter the Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated equipment/vehicle/assets referred to in the respective agreements and prayer clause (a) of each of the petitions, with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908. (ii) In the event of the Petitioner itself indicating the location of the said vehicles/equipments, the Court Receiver shall take possession thereof, without notice of the Respondents. (iii) Liberty to the Court Receiver to apply in the event any difficulty in taking possession of the said equipments/vehicles/assets. (iv) Upon taking possession of the said equipments/vehicles/assets, the Court Receiver shall, in the first instance, 4 arbp497-11g appoint the respective Respondents as an agent in respect of the said equipments/vehicles/assets on usual terms and conditions including as to security and royalty. (v) In the event of any Respondent refusing to accept the agency of the Court Receiver, the Court Receiver shall file a report for seeking directions including for appointing an agent in respect thereof or for the sale of the said hypothecated equipments/vehicles/assets. (vi) 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. (vii) Till the Court Receiver takes possession of the equipments/vehicles/assets, the Respondents, either by themselves or through their servants or agents are restrained in any manner from transferring, disposing of, alienating, encumbering or creating any third party rights in respect of the said hypothecated equipments/vehicles/assets. (viii) Each of the Respondents is ordered and directed to disclose the location of the equipment/vehicles/assets within two weeks from the date of service of the copy of this order. (ix) The undertaking to file the affidavit of service within two weeks from today, if not already filed, is accepted. It is clarified that the Court Receiver shall take physical possession of the vehicle upon the petitioner identifying the same in the event of the Court Receiver being unable to 5 arbp497-11g locate the respondents despite efforts. (x) The costs of the petitions shall be the costs in the arbitration proceedings.