*1* arbp.741.10.group.sxw kps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.741 OF 2010 ALONG WITH ARBITRATION PETITION NOS.744/2010, 754/2010, 746/2010, 747/2010, 987/2010 and 991/2010. L & T Finance Ltd.. ..Petitioner (in all petitions) -Versus- Gurijala S. Reddy S/o Konda Reddy and another. (741/10) A.Narasimhulu S/o A. Laxamanna and others. (744/10) Ashok N. Sharma and another. (745/10) Balwan Singh Mangal Singh Yadav and another. (746/10) Chandrakant L. Bhandalkar and another. (747/10) Challa R. Reddy and another. (987/10) Gaali Chinnapa Reddy and another. (991/10). ..Respondents .......... Mr.Pramod Bhosale a/w Ms.Kavita Shinde i/b Disha Karambar, for the Petitioner. None for the Respondents. .......... CORAM : S.J. VAZIFDAR, J. DATE : 14th September, 2010. P.C. 1 These are the petitions under Section 9 of the Arbitration and *2* arbp.741.10.group.sxw Conciliation Act, 1996. 2 The Respondents were absent when the interim orders were passed. The Respondents are absent today. There are no affidavits in reply. It is, therefore, necessary to protect the Petitioner’s claim which arises under the respective term loans granted by the Petitioner to the Respondent Nos.1 and 2 in Arbitration Petition No.744/2010 and to the first Respondent in the other petitions, under the loan/ hypothecation agreements for purchase of the tractors which were hypothecated in the Petitioner’s favour. The Respondent No.3 in Arbitration Petition No. 744/2010 and the second Respondent in the other petitions stood as guarantors to the said loans. 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 if an award is passed in the Petitioner’s favour till it is enforced, the Court Receiver, High Court of Bombay is appointed as a Receiver under Order XL Rule 1 of the Code of Civil Procedure, 1908 (as amended) in respect of the said vehicles/ tractors. (ii) Liberty to the Court Receiver to apply in the event of any difficulty in taking possession of the vehicles. (iii) Upon taking possession of the vehicles, the Court Receiver shall, in the first instance, appoint the respective Respondents as agents in respect of the said vehicles on the usual terms and conditions including as to security and royalty. (iv) In the event of the Respondents’ refusing to accept the agency of the Court Receiver, the Court Receiver shall appoint any third party as an agent in respect of the said vehicles on the same terms and conditions. In that event the respective Respondents shall be entitled to bid for the *3* arbp.741.10.group.sxw agency. (v) Liberty to apply for further reliefs by separate applications 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 vehicles/ tractors, the Respondents, their respective servants, agents and/or representatives are restrained from in any manner disposing of, alienating, encumbering and/or creating third party rights in respect of the vehicles/ tractors which are the subject matter of their respective agreements. (vii) Pending the hearing and final disposal of the arbitration proceedings and in the event of the award being in the Petitioner’s favour till it is enforced, the Respondents, their respective servants and agents are restrained from in any manner parting with possession of and/or creating third party rights and/or alienating and/or encumbering the properties described in Exhibit-F to Arbitration Petition No.747/2010 and in Exhibit-G to the other petitions, without the leave of the Court. (viii) The costs of the petitions shall be the costs in the arbitration proceedings. -