JUDGEMENT (ORAL)

1. The present Petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996, seeking the following reliefs:

“In the facts and circumstances mentioned herein above it is therefore most respectfully prayed that this Hon'ble court may graciously be pleased to:-

i. Appoint Sh. DUMPALA AMARNATH (Mob: 9032050678, Email: Dumpala.amarnath@elix.capital), Officer / Executive of the Petitioner Company as Receiver to take over the possession of the financed medical equipment mentioned below from the possession of the respondents, their agent, employee, guarantors, co borrowers or from anyone else who is/are in possession of the said financed machines/equipment and the receiver may be also allowed to take police assistance if necessary for the said purpose; and permit the receiver to look after the Management and up keep of the said subject property/financed machines/ medical equipment.

ii. Restrain Respondents, its heirs, agents, servants, employees, representatives etc. from disposing off, selling, alienating, dismantling or creating third party interest or from concealing the whole or any part of above referred hypothecated medical equipments.

iii. Direct the concerned SHO of the area where the subject property/financed machines/ medical equipment is found to help the receiver in taking possession of the subject property/ financed machines/ equipments and also provide the police help.

iv. Petitioner Company be allowed to further deal with the subject property/ financed machines/ medical equipment as per the order/direction of the Arbitral Tribunal.

v. Pass such other/further order(s) as this Hon'ble Court may deem fit and proper in the favor of Petitioner Company and against the respondent in the interest of justice.”

2. A perusal of the record would show that, by virtue of the Order dated 03.02.2025, certain interim directions were granted in favour of the Petitioner in the following terms:

“4. In the meantime, keeping in view the aforesaid, at this stage, the respondents, its heirs, agents, servants, employees, representatives etc. are restrained from disposing off, selling, alienating, dismantling or creating any third party interest or from concealing the whole or any part of above referred hypothecated medical equipments.”

3. A perusal of the Order Sheets further reveals that the matter has since remained pending before this Court, and no effective hearing seems to have taken place. In fact, at least on one occasion, it is recorded that the parties sought to reconcile their differences by resorting to Mediation. The Court is informed that the Mediation proceedings did not fructify.