Srei Equipment Finance Ltd vs Anita

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

From the affidavit filed by the petitioner it appears that as directed by this Court the petitioner has caused publication of the notice of this application in the newspapers.

However, none appears on behalf for the respondent to oppose this application.

It is the case of the petitioner that in terms of the Master Lease Agreement dated November 15, 2017 the respondent obtained delivery of one Hydrolic Excavator mentioned in paragraph 3 of the application on lease from the petitioner. The monthly lease rental of the said equipment is Rs.1,27,498/- commencing from January 15, 2018. According to the petitioner, the respondent has defaulted in making payment of the monthly lease rental and as such the petitioner is entitled to take possession of the said asset from the respondent. In support of its right to take possession of the said asset the petitioner has filed this application seeking for various reliefs including an order for appointment of the receiver to take possession of the said asset from the respondent. Considering the materials on record, I find that there is a prima facie case made out in granting interim protection.

Accordingly, Mr. Raja Ram Banerjee, Advocate of Bar Association Room No. 2 is appointed as the Receiver to take the actual possession of the asset, mentioned in Paragraph 3 to the petition. After taking possession of the hypothecated asset, the Receiver shall keep the same at a safe place to be provided by the petitioner.

The Receiver shall be paid an initial remuneration of 3000 GMs by the petitioner. The petitioner shall also bear the travelling expenses of the Receiver and provide him a befitting accommodation at the relevant places. Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver.

If necessary, the Receiver shall approach the Superintendent of Police, of the concerned district for obtaining police assistance to implement this order. If the petitioner deposits the requisite fees with the concerned authorities, the Superintendent of Police of the concerned district shall render necessary police assistance to the Receiver to take actual physical possession of the hypothecated asset from the concerned respondent.

The respondents are directed to forthwith inform the petitioner of the present whereabouts of the hypothecated asset.

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

Urgent certified website 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 website copies of this order.