Allowed

Tata Motors Finance Limited v. Mangesh Medankar

Bombay HC30 Sept 2024CARBP/387/2024

Case brief

AI extract

What is this about?

Section 9 arbitration petition arising from a loan-cum-hypothecation guarantee agreement over commercial vehicles. Respondent served but absent; court found prima facie default and breach of loan obligations, granting injunction against alienation of hypothecated vehicles and disclosure/handover of possession.

What did the court decide?

Prayer clauses (a) and (f) granted: injunction restraining disposal of hypothecated vehicles/assets; disclosure of vehicle location and handover to Court Receiver.

Tata Motors Finance Limited vs Mangesh Medankar — Arbitration | Bombay HC (2024)

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1 25-carbp-387-2024.doc

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

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COMM. ARBITRATION PETITION NO.387 OF 2024

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Digitally signed by VINA VINA ARVIND ARVIND KHADPE KHADPE Date: 2024.10.05 12:57:53 +0530

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TATA Motors Finance Limited … Petitioner V/s. Mangesh Medankar … Respondent

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Mr. Gaurav Jangle a/w ms. Akshita Jain i/b. I. V. Merchant & Co. for the Petitioner.

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CORAM : ARIF S. DOCTOR, J. DATE : 30TH SEPTEMBER 2024

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P.C. :

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The present Petition is filed under Section 9 of the Arbitration and Conciliation Act, 1976 and arises out of 12 Loan-cum-hypothication guarantee agreement executed between the Petitioner and the Respondent.

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Learned counsel appearing for the Petitioner tendered the affidavit of

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service. The same is take on record.

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Learned counsel appearing for the Petitioner then invited my attention to

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Vina Khadpe, PS

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2 25-carbp-387-2024.doc

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Clause 12.1 of the said Agreement which provides for the events of default. The learned Counsel submitted that the Petitioner has today pressed for interim relief in terms of prayer clauses (a) and (f) of the Petition which read thus :-

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“a) pending the hearing and final disposal of the arbitration and until final execution of the Arbitral Award, the Hon'ble Court be pleased to pass an order of injunction, inter alia, restraining the Respondents by themselves or their servants, assigns, employees, agents, representatives, officers, or any other person/s claiming through or under them or under any instrument, whatsoever, from in any manner selling, alienating, transferring, parting with the possession of, encumbering, dealing with, disposing of or creating any third party rights or interest of whatsoever nature and in any manner whatsoever in respect of their hypothecated commercial vehicles (more particularly described at Exhibit C hereto) and also in respect of movable and/or immovable properties/assets, or any portion thereof, directly and/or indirectly, belonging to Respondents and also on the properties/assets disclosed and belonging to the Respondents from the date of disbursement of the facility till date;

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(f) pending the hearing and final disposal of the arbitration and until final execution of the Arbitral Award, this Hon’ble Court be pleased to direct the Respondents to disclose the current and exact details location of the 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

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Vina Khadpe, PS

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3 25-carbp-387-2024.doc

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this Hon’ble Court, with normal wear and tear at the cost and expenses of the Respondents as per the said Agreements; ”

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Respondent though served have not remained present. After having heard the learned counsel appearing on behalf of the Petitioner who has taken me through the terms of the said loan agreement as also the loan recall invocation notice, I am, prima facie, satisfied that a case for the ground of relief as prayed for has been set out. There is today no dispute from the record that the Respondent has committed breach of his obligation under he said agreement which would thus entitled the Petitioner to recall the loan as they have done as also seek re-possession of the said vehicles, in respect of which, the said loan facilities were granted. Hence I allow the Petition in terms of prayer clauses (a) and (f) which are already reproduce above.

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Learned counsel submits that he shall file Section 11 Petition on or before the next date.

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Stand over to 11th November, 2024.

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(ARIF S. DOCTOR, J.)

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Vina Khadpe, PS

Tata Motors Finance Limited v. Mangesh Medankar

Case brief

What is this about?

What did the court decide?

Tata Motors Finance Limited v. Mangesh Medankar

Case brief

What is this about?

What did the court decide?

What the court decided

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