In an arbitration petition, the Court allowed the appointment of a Court Receiver to recover dues and take possession of a hypothecated tractor upon conditions regarding its location details.
Petition made absolute for appointment of Court Receiver to take possession of tractor; subject to communication of location details.
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
ARBITRATION PETITION NO.876 OF 2009
L & T Finance Limited
vs.
Tukaram Dnyanoba Gaikwad & Anr.
...Respondents
Ms Shakuntala Joshi a/w Mr.S.S.Anabhawane i/b
M/s.S.I.Joshi & Co. for the Petitioner
None for the Respondent
CORAM :A.S.OKA,J.
DATE : DECEMBER 10, 2009
P.C.
1The learned counsel for the petitioner states that
the notice has been served in terms of order dated 30th
September 2009 passed by this court. Affidavit of
service is tendered on record.
2The case of the petitioner in this petition under
section 9 of the Arbitration and Conciliation Act,1996 is
that the 1st respondent applied for loan under Kisan
Gaurav Scheme which is a retail finance scheme for
purchase of tractors. Accordingly, a loan of Rs.
3,60,000/- was granted by the petitioner in favour of the
1st respondent for purchasing a tractor more particularly
described in Exhibit F to the petition. The 2nd
respondent guaranteed the repayment of loan. True copies
of the loan cum hypothecation agreement and letter of
guarantee are annexed to the petition. As the
respondents committed defaults, a legal notice was issued
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on 29th June 2009 to the respondents calling upon them to
pay the overdue amount. Arbitration clause in the
agreement was also invoked by the said notice and an
Arbitrator was appointed. There was no response to the
notice.
3The petitioner is seeking interim relief under
section 9 of the said Act of appointment of the Court
Receiver in terms of prayer clause (a-1). The tractor is
hypothecated with the petitioner. The overdue amount of
the debt is more than Rs.3,00,000/-. Therefore, the
petitioner is entitled to relief in terms of prayer
clause (a-1). However, the Receiver will act upon this
order only after the details of present location of the
tractor are communicated in writing by the petitioner.
4Hence, I pass the following order :
5 (i)The petition is made absolute in terms of
prayer clause (a-1). The Court Receiver will act upon
this order only after the details of the present location
of the tractor are communicated in writing by the
petitioner. It will be open for the Court Receiver to
take possession of the tractor without notice to the
respondents.
ii)The Court Receiver and the concerned police station
will act upon an authenticated copy of this order.
iii)The petition is accordingly disposed of.
JUDGE
1 issue framed by the court
Whether the petitioner is entitled to interim appointment of a Court Receiver under Section 9 of the Arbitration and Conciliation Act, 1996.
1 provisions across 1 enactments
L & T Finance Limited
Tukaram Dnyanoba Gaikwad
Anr.
A.S. OKA
As recorded by the court registry
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