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Judgment
The Court: This is an application under section 9 of the Arbitration and Conciliation Act, 1996, as amended by Act 3 of 2016 (in short “the Act of
1996â€).
From the affidavit-of-service filed on behalf of the petitioner, it appears that a copy of the application has been personally served upon the respondent
by way of personal service. Let the said affidavit of service be kept on record.
The petitioner claims that in terms of an agreement dated September 9, 2015 (hereinafter referred to as “the said agreementâ€) between the
parties, the respondent No. 1 obtained a loan of Rs. 37,19,698/- for purchasing an asset mentioned in paragraph 3 of the application. The said asset
stands hypothecated with the petitioner.
Although the respondent No. 1 was liable to repay the loan amount, together with the agreed rate of interest and pay other charges to the petitioner by
44 variable monthly instalments. However, after payment of the nineteenth and part of twentieth instalments, the respondent no.1 defaulted in making
payment of the balance instalments.
According to the petitioner as on the date of filing of this application, Rs. 37, 19,698/- remains due and owing by the respondent and in spite of being
called, the respondents refused to repay their dues and make over possession of the excavator to the petitioner. The petitioner has, therefore,
terminated the said agreement and filed his application for appointment of a Receiver to take possesion of the hypothecated asset from the respondent
no. 1. According to the petitioner, the said hypothecated asset is presently lying at Giridi in the state of Jharkhand.
Having considered the materials on record, I find the petitioner has made out a prima facie case of the balance convenience and inconvenience wholly
lies in favour of the petitioner for obtaining an ad-interim order for appointment of Receiver as prayed for.
Accordingly, Mr. Kumaresh Dalal, Advocate of Bar Association Room No. 2 is appointed as the Receiver to take the actual possession of the asset,
mentioned in paragraph 3 of the application.
After taking possession of the hypothecated asset, the Receiver shall keep the same at a safe place to be provided by the petitioner.
The respondent is also directed to render all assistance to the Receiver to implement this order.
The petitioner shall pay an initial remuneration of 1500 Gms to the Receiver. The petitioner shall bear all travelling expenses of the Receiver including
train fare and shall provide the Receiver with befitting accommodation (s) at all the relevant places he would be required to visit to carry out this
order.
Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the State of Jharkhand.
If necessary, the petitioner shall approach the concerned Superintendent of Police of the district for police assistance and the police authorities shall
render all necessary assistance to the Receiver to carry out this order.
Let this application appear under the same heading 2 weeks after the ensuing summer vacation, when the Receiver shall file his report.
Urgent certified website copies of this order, if applied for, be supplied to the petitioner upon compliance with all requisite formalities.
The Receiver, all concerned parties, as well as the Police Authorities shall act on certified website copies of this order.