1 arbp494-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.494 OF 2010 Citicorp Finance (India) Ltd. ....Petitioner V/s. Govind H. Mandrekar & Anr. ....Respondents Mr.Sachin Pandey i/b M/s.D.H. Law Associates for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 15TH NOVEMBER, 2010. P.C. :- 1. This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2. The dispute arises in respect of the loan granted by the Petitioner to the Respondent for purchase of the vehicle. By an order dated 13.1.2010 the petition was admitted and ad-interim reliefs were granted in terms of prayer clauses (b) and (e). The Respondent had remained absent when the petition was admitted. The Respondent is absent today. Considering the nature of the property and the Petitioner’s right in respect thereof, it is necessary to appoint the Court Receiver. 3. In the circumstances, the petition is disposed of by the following order:- (i) The petition is made absolute in terms of prayer clauses (b) and (d) except the portion bracketed in red, which read thus:- “(b) that pending the arbitration proceedings, this 2 arbp494-10 Hon’ble Court be pleased to direct the Respondents to disclose the location of the said asset on oath to enable the Court Receiver to take possession of the said asset; (d) in the alternative to prayer (c) above, pending the Arbitral proceedings, the Court Receiver, High Court, Bombay or some other fit and proper person be appointed as Receiver of the said asset with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908;” (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 of 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 (e), which reads thus:- “(e) that pending the hearing and final disposal of the Arbitral proceedings, the Respondents either through themselves or through their servants or agents be restrained by an order and injunction of this Hon’ble Court from transferring, disposing off, encumbering or otherwise dealing with the said asset;” (vii) The costs of the petition shall be the costs in the arbitration proceedings.