Hima Kohli, J.

1. By these two applications/petitions under Section 9 of the Arbitration & Conciliation Act, 1996, the petitioner has prayed for appointment of a receiver to take possession of the assets let on loan to the respondent with liberty to the receiver to seek assistance of the local police in case any obstruction is put by the respondent in seizing the assets. The petitioner also prayed for restraining respondent and its employees etc. from wasting, damaging, alienating, selling, removing and disposing of the assets in the meantime and permitting the receiver to sell the vehicle.

.2. The case of the petitioner is that the respondent approached the petitioner with a request for acquisition of Volvo B7R vehicles (bus) on loan. This request was considered by the petitioner. The respondent entered into loan agreements on 2nd January 2006 with the petitioner and under these agreements, the petitioner financed the Volvo B7R vehicles, which were registered as KA-01B 7498 and KA01B 7500. The cost of the each vehicle was Rs. 42,19,000/-. Under the agreements, the respondent was to pay 48 Equated Monthly Installments (EMIs) to discharge his liability. The first installmen