1 arbp1054-10 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.1054 OF 2010 Citicorp Finance (India) Ltd. ....Petitioner V/s. Sanjeev Obhan & Anr. ....Respondents Ms.S.I. Joshi i/b M/s.S.I. Joshi & Co. for the Petitioner. Mr.R.J. Tripathi for the Respondents. CORAM : S.J. VAZIFDAR, J. DATE : 29TH OCTOBER, 2010. P.C. :- 1. The petition has been filed under section 9 of the Arbitration and Conciliation Act, 1996. 2. According to the petitioner, a sum of over Rs.4,50,000/- is due and payable in respect of the loan-cum-hypothecation agreement entered into between the petitioner and respondent No.1. Respondent No.2 is a guarantor. The respondents do not deny the agreement. Nor do they deny that the amount is due and payable to the petitioner. It is however,contended that the respondents entered into a refinance agreement with India Bulls Financial Services Ltd. Under this arrangement it is stated that the possession of the vehicle has been given to India Bulls Financial Services Ltd. and India Bulls Financial Services Ltd. has paid part of the petitioner’s dues. 3. It is difficult to accept this defence. There is nothing on record 2 arbp1054-10 which establishes that possession of the vehicle has been handed over to India Bulls Financial Services Ltd. Nor is there anything on record to indicate that the petitioner consented to the alleged arrangement between the respondents and India Bulls Financial Services Ltd. 4. In the circumstances, the following order is passed :- i). Court Receiver, High Court, Bombay is appointed of the hypothecated equipment with all powers under Order XL Rule 1 of the Code of Civil Procedure. ii). The Court Receiver shall in the first instance appoint the respondents as his agents on the usual terms and conditions and in the event of the respondents failing to accept the agency of the Court Receiver, the Court Receiver to appoint any third party as an agent in respect of the said vehicle on the same terms and conditions. In that event the Respondents shall be entitled to bid for the agency. iii). The respondents shall on or before 2.11.2010 furnish in writing to the petitioner’s advocate and the Court Receiver the location of the hypothecated vehicle. iv). The respondents shall on or before 20.11.2010 file an affidavit disclosing their immovable assets.