defense or contest by the Respondents, the averments contained in the Petition have remained uncontroverted. I see no reason why the statements/submissions made by the Petitioner in the Petition should not be accepted. Since the Respondents have defaulted in the repayment of the outstanding dues, it is just and necessary to safeguard the interest of the Petitioner by appointing the Court Receiver as Receiver of the hypothecated asset/equipment. The appointment of the Receiver is necessary in order to ensure that the hypothecated asset/equipment is not wasted or alienated, thereby defeating the rights of the Petitioner. Section 9 empowers the Court to pass interim measure of protection. Hence the following order: (i) Pending the hearing and final disposal of the arbitration proceedings, the Court Receiver is appointed as Receiver in respect of the asset/equipment, more particularly described in Exhibit “F” to the Petition, with a direction to take forcible physical possession of the said asset/equipment from whomsoever found in possession with police assistance, if required, and without any prior notice to the Respondents or to the party found in possession; (ii)The Court Receiver shall within a period of two weeks after taking possession, give an option to the Respondents, in writing to act as an agent of the Receiver in respect of the said asset/equipment. The Respondents shall be given two weeks time by the Court Receiver from the date of receipt of the
