arbp1405-10 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1405 OF 2010 Citifinancial Consumer Finance India Ltd. ....Petitioner V/s. Sikandar K. Shaikh & Anr. ....Respondents Mr.Samer Suryawanshi i/b Mr.M.B. Kale for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 11TH JULY, 2011. P.C. :- 1. This is a petition under section 9 of the Arbitration and Conciliation Act, 1996. 2. The parties had entered into a home loan agreement, under which a sum of over Rs.40.00 lacs is due and payable by the respondents to the petitioner. Prima-facie the respondents have created the security in respect of the property for which the loan had been granted. In any event, there is a negative covenant in clause 5.2 of the agreement. The arbitration proceedings have commenced. 3. In the circumstances, the petition is made absolute in terms of prayer (a). However, the Court Receiver shall, at this stage, appoint the respondents as his agents without security but subject to payment of royalty. Till the Court Receiver takes possession, order in terms of prayer (c). This order shall operate pending the award and for a period of twelve weeks thereafter. No order as to costs.