1 arbp771-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.771 OF 2010 L & T Finance Ltd. ....Petitioner V/s. Sahebrao S. Kalokhe & Anr. ....Respondents Mrs.Shakuntala Joshi with Mr.J.C. Shivani i/b S.I. Joshi & Co. for the Petitioner. None for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 30TH NOVEMBER, 2010. P.C. :- 1. This is a petition under section 9 of the Arbitration & Conciliation Act, 1996. 2. According to the Petitioner, the Respondents are bound and liable to pay a sum of about Rs.5,55,000/- under a loan/hypothecation agreement entered into between the Petitioner and Respondent No.1. Respondent No.2 is the guarantor. According to the Petitioner, the amounts under the said agreement have not been repaid. The Petitioner’s dues are secured by the hypothecation of the vehicle. As a result thereof, the matters are to be decided in arbitration. 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 for a period of twelve weeks thereafter the 2 arbp771-10 Court Receiver, High Court, Bombay is appointed as a Receiver of the hypothecated vehicle referred to in prayer clause (a-1) 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 said vehicle. (iii) Upon taking possession of the said 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 any Respondent refusing to accept the agency of the Court Receiver, the Court Receiver shall file a report seeking directions including whether the vehicle ought to be sold or a third party ought to be appointed as the agent. (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, the Respondents either through themselves or through their servants or agents are restrained in any manner from transferring, disposing of, alienating encumbering or creating any third party rights in respect of the said hypothecated vehicle. (vii) The Respondents are ordered and directed to disclose the location of the vehicle within two weeks from the date of service of the copy of this order. (viii) The costs of the petitions shall be the costs in the arbitration proceedings. The undertaking to file the affidavit of service within two weeks from today, if not already filed, is accepted.