SREI EQUIPMENT FINANCE LIMITED vs RAM KUMAR PANDIT

This is an application under Section 9 of the Arbitration and Conciliation Act, 1996, as amended by Act 3 of 2016.

From the affidavit-of-service filed on behalf of the petitioner, it appears that a copy of the application forwarded to the sole respondent in this application has been received by him. Let the affidavit of service filed on behalf of the petitioner be kept on record. However, none appears on behalf of the respondent to oppose this application.

The petitioner claims that in terms of an agreement dated June 15, 2015 (hereinafter referred to as "the said agreement") between the parties, the respondent No. 1 obtained a loan of Rs. 36,37,590/- for purchasing that the asset mentioned in paragraph 5 of the application. The said asset stands hypothecated with the petitioner.

Although under the said agreement, the respondent was obliged to repay the dues of the petitioner, together with the agreed rate of interest and other charges by way of 45 monthly instalments of Rs. 1,03,500/- each, but after paying the first 18 instalments and part of 19th instalment, the respondent has defaulted in making payment of the balance instalments.

According to the petitioner as on the date of filing of this application, Rs. 29,77,887/- remains due and owing by the respondent and in spite of being called upon the respondent refused to repay his dues and make over possession of the hypothecated asset to the petitioner. Therefore , the petitioner has terminated the said agreement and filed this application for enforcing its right against the hypothecated asset which is presently lying at Kodarma, in the State of Jharkhand .

Having considered the facts and averments made by the petitioner, I find the petitioner has made out a prima facie case and the balance of convenience 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, Bar Association Room No. 2, High Court, Calcutta is appointed as the Receiver to take the actual possession of the asset.

After taking possession of the hypothecated asset, the petitioner shall keep the same, in his custody, 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 and provide him with a 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 Jharkhand.

The concerned Superintendent of Police in the State of Jharkhand is directed to render all police assistance to the Receiver in order to enable him to carry out this order, upon payment of requisite fees by the petitioner.

Let, this application appear under the same heading 4 weeks hence. The Receiver shall file his report on the next date of hearing.

Urgent certified photostat copies of this order, if applied for, be supplied to the petitioner upon compliance with all requisite formalities.

The Receiver and all concerned parties, including the Police Authorities shall act on certified photostat copies of this order.