- 1 - 22.arbp.273.11 skt IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.273 OF 2011 L & T Finance Ltd. ..Petitioner -Versus- N.N. Enterprises & Anr. ..Respondents .......... Ms.Shakuntala Joshi i/b S.I.Joshi & Co. for the Petitioner. Mr.R.V.Govilkar for Respondent No.1. .......... CORAM : S.J. VAZIFDAR, J. DATE : 2ND MAY 2011. P.C. 1 This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996. 2 Respondent No.1 had agreed and undertaken to repay the loan amount and other charges at the corporate office i.e. at Mumbai under clause 3.2 of the loan-cum-hypothecation agreement. The loan installments are to be repaid at the petitioner’s corporate office which is, admittedly in Mumbai or at such other addresses as may be specified in the schedule. No other address has been specified in the schedule. This Court therefore has jurisdiction to hear this matter. - 2 - 22.arbp.273.11 3 Mr.Govilkar, learned counsel appearing on behalf of Respondent No.1 states that the description of the vehicle in the loan-cum- hypothecation agreement is different from the description of the vehicle in the registration certificate obtained by the Respondents. He contends that only the registration number is same. He further makes a statement that the vehicle was sold by the Respondents even before the ad-interim order dated 29th March 2011 was passed as the Respondents required funds. The vehicle was sold on 4th March 2011. Either the registration of the vehicle obtained by the Respondents was improper or the sale thereof was improper. This is in view of the fact that the vehicle was hypothecated with the Petitioner. In any event, the said vehicle is not in the Petitioner’s possession as on date. There is no question therefore of appointing the Court Receiver, Mumbai. However, the amounts are due and payable by the Respondents to the Petitioner. Respondent No.2 is the guarantor. An amount of over Rs.31 lacs as on date is payable. 4 In the circumstances, the petition is made absolute in terms of prayer clause (e), except the words ‘dealing with and/or’. -