Allowed

M/S. Tata Capital Financial Services Ltd. v. M/S. Ratnagiri Chemicals Pvt.Ltd and Anr.

Bombay HC28 Oct 2014ARBP/1210/2013

Case brief

AI extract

What is this about?

The single-judge bench of S.J. Kathawalla, J. allowed an arbitration petition filed under Section 9 of the Arbitration and Conciliation Act, 1996, granting injunctions and directing the appointment of a Court Receiver to take possession of hypothecated assets.

What did the court decide?

Allowed injunctions on assets and appointed a Court Receiver to take possession of hypothecated assets under Order XL Rule 1 CPC.

M/S. Tata Capital Financial Services Ltd. Vs M/S… — Execution and Attachment | Bombay HC (2014)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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ARBITRATION PETITION NO.1210 OF 2013

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M/s. Tata Capital Financial Services Ltd. … Petitioner versus M/s. Ratnagiri Chemicals Pvt. Ltd. and Anr. … Respondents

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Mr. Totla with Mr. S. Anantwar i/by M/s. India Law, for Petitioner. None for Respondents.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 28^th OCTOBER, 2014

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P.C.:

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The above Petition is filed under section 9 of the Arbitration and Conciliation Act, 1996. Perused the order dated 25-09-2013 granting adinterim relief in terms of prayer clauses (c), (d) and (e) of the Petition. Though, the said order is served on the Respondents, they have not come forward to oppose the Petition. The Respondents have also not complied with the directions of this Court contained in prayer clause (d) of the Petition. In view thereof, the Petition is allowed in terms of prayer clauses (c), (d), (e) and (f), which are reproduced hereunder :

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(c) that pending the hearing and final disposal of the arbitration proceedings and till the Award which may be passed is enforced in accordance with Section 36 of the Arbitration and Conciliation Act, 1996, the Respondents, their agent/s, servant/s, and any third person/s claiming through

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them be restrained by an order of injunction of this Hon'ble Court from in any manner dealing with, selling, transferring, disposing of or alienating or encumbering or mortgaging or hypothecating or charging or parting with possession of or transferring or inducting any one else into or creating any right title or interest or license in favour of anyone else in respect of the movable and immovable property as more particularly described in Exhibit J hereto;

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(d) that pending the hearing and final disposal of the arbitration proceedings and till the Award which may be passed is enforced in accordance with Section 36 of the Arbitration and Conciliation Act, 1996, the Respondents be directed to file an Affidavit disclosing the details of all the movable and immovable properties belonging to them with the encumbrances, if any.

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(e) that pending the hearing and final disposal of the arbitration proceedings and till the Award which may be passed is enforced in accordance with Section 36 of the Arbitration and Conciliation Act, 1996, the Respondents, their agent/s, servant/s and any third person/s claiming through them be restrained by an order of injunction of this Hon'ble Court from in any manner dealing with, selling, transferring, disposing of, or alienating or encumbering or mortgaging or hypothecating or charging or parting with possession of or transferring or inducting anyone else into or creating any right, title or interest or license in favour of anyone else in respect of all the movable and immovable assets disclosed by

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the Respondents pursuant to the direction of this Hon'ble Court;

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(f) that pending the hearing and final disposal of the arbitration proceedings and till the Award which may be passed is enforced in accordance with Section 36 of the Arbitration and Conciliation Act, 1996, the petitioners submit that Court Receiver, High Court, Bombay or any other fit and proper person be appointed as Receiver in respect of the hypothecated assets with all powers under Order XL Rule 1 of the Code of Civil Procedure, 1908, with specific directions to take forcible physical possession of the hypothecated assets (Exhibit I hereto) with the assistance of police, if necessary, and also with the power to sell the same by public auction or private treaty and appropriate the sale proceeds towards the outstanding amount of the Respondents;

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The local police is directed to render all assistance to the

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representatives of the Court Receiver to take physical possession of the hypothecated assets from the Respondents. However, the Court Receiver shall not sell the said assets without seeking prior permission of this Court. The Court Receiver shall take possession of the hypothecated assets from the Respondents on or before 10-11-2014 and submit his Report to this Court on 12-11-2014. The Arbitration Petition is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

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M/S. Tata Capital Financial Services Ltd. v. M/S. Ratnagiri Chemicals Pvt.Ltd and Anr.

Case brief

What is this about?

What did the court decide?

M/S. Tata Capital Financial Services Ltd. v. M/S. Ratnagiri Chemicals Pvt.Ltd and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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