1 arbp909-09 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.909 OF 2009 L & T Finance Ltd. ....Petitioner V/s. Tunga V. Reddy & Ors. ....Respondents Ms.Disha Karambar for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 8TH OCTOBER, 2010. P.C. :- 1. This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2. The Respondents were absent when the order dated 15.12.2009 was passed. The Respondents are absent today. There is no affidavit in reply. It is, therefore, necessary to protect the Petitioner’s claim which arises under the term loan granted by the Petitioner to the Respondents No.1 and 2 under the loan/hypothecation agreement for purchase of a tractor. Under the said agreement the Petitioner advanced a sum of Rs.3,00,000/- to Respondent No.1. Respondent No.2 stood as guarantor to the said loan. The amount due today is about Rs.3,00,000/-. 3. In the circumstances, the petition is disposed of by the following order:- (i) The petition is made absolute in terms of prayer 2 arbp909-09 clause (a) except the portion bracketed in red. (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 Respondents 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. In that event liberty to the Respondents to bid for the agency of the Court Receiver. (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. (vii) The petition is also made absolute in terms of prayer clause (d) except the words bracketed in red. However, at the end of prayer clause (d) the words “without leave of the Court” shall be added. (viii) The costs of the petition shall be the costs in the arbitration proceedings.