Section 9 arbitration petition over five loan cum hypothecation cum guarantee agreements after borrower default and loan recall notices, with respondents served but absent. Court granted ad-interim injunction against disposal of hypothecated vehicles and assets, disclosure of vehicle location, and handover of possession to the Court Receiver.
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Digitally signed by MUGDHA MUGDHA MANOJ MANOJ PARANJAPE PARANJAPE Date: 2024.10.11 19:41:20 +0530
1 20-CARBP 301-24-modified.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION
COMMERCIAL ARBITRATION PETITION NO.301 OF 2024
Tata Motors Finance Limited … Petitioner V/s. Rajaram Gurjar & Anr. … Respondents
Mr Gaurav Jangle a/w Akshita Jain i/by I. V. Merchant & Company for the Petitioner.
CORAM : ARIF S. DOCTOR, J. DATE : 8TH OCTOBER 2024
P.C. :
Section 9 of the Arbitration and Conciliation Act, 1996 and arises out of 5 TMFL Loan cum Hypothecation cum Guarantee Agreements entered into between the Petitioner and the Respondents. Learned Counsel appearing on behalf of the Petitioner has invited my attention to one of the said Agreements. He submits that the Agreements are identical in terms, all of which contained a clause for clubbing the said Agreements together in the case of defaults. He submits that it
is pursuant to this clause that the 5 Agreements have thus been clubbed
This order is modified as per order dated 11th October 2024. Mugdha
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2 20-CARBP 301-24-modified.doc
together. The Learned Counsel then submits that the Respondents made defaults under which the Petitioner constrained to issue the Respondents a Loan Recall cum Invocation Notices dated 20th June 2024 and 5th July 2024. He has also invited my attention to the Arbitration Clause contained in the said Agreements. The Respondents are also duly served. He places reliance upon an Affidavit of Service to prove service upon Respondents, which is taken on record. It is in these circumstances, Learned Counsel for the Petitioners prays for ad-interim reliefs in terms of prayer clauses (a) and (e) of the Petition, which read thus:
This order is modified as per order dated 11th October 2024. Mugdha
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3 20-CARBP 301-24-modified.doc
hypothecated vehicles on oath and to handover peaceful possession of the Hypothecated Vehicles to the Court Receiver, High Court, Bombay or any fit and proper person, at the predesignated place as may be fixed by this Hon'ble Court, with normal wear and tear at the cost and expenses of the Respondents as per the said Agreements;”
(ARIF S. DOCTOR, J.)
This order is modified as per order dated 11th October 2024. Mugdha
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2 issues framed by the court
Should interim injunction restraining disposal of hypothecated vehicles and assets be granted pending arbitration?
Should respondents disclose vehicle locations and hand over possession to Court Receiver pending arbitration?
1 provisions across 1 enactments
Tata Motors Finance Limited
Rajaram Gurjar
Anr.
Arif S. Doctor
As recorded by the court registry
11 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
