Srei Equipment Finance LTD vs Sudhir Kumar Pradhan And Anr

Ashis Kumar Chakraborty, J

The Court : This is an application under Section 9 of the Arbitration & Conciliation Act, 1996.

From the affidavit-of-service filed by the petitioner, it appears that copies of this application have been served upon the respondents but they remain unrepresented.

The petitioner claims that in terms of an agreement dated February 15, 2017 (hereinafter referred to as the said agreement), the respondent no.1 obtained financial accommodation to acquire the asset described in Annexure- 'A' to the application which remains hypothecated to the petitioner. The respondent no.2 as a guarantor, is a party to the said agreement, which also contains the arbitration agreement. According to the petitioner, the respondent no.1 has failed to pay the monthly instalments and, as such, as on August 27, 2019, Rs.15,80,652/- became due and owing by the respondent no.1 to the petitioner. In spite of demands the respondents have failed to pay the said outstanding dues. Thus, the petitioner terminated the said agreement and filed this application for taking possession of the hypothecated asset through a Receiver.

Considering the materials on record, I find that the petitioner substantiated a case for appointment of a Receiver.

Accordingly, Ms. Lipika Chatterjee, Advocate of Bar Association (Room No. 15) is appointed as the Receiver to take possession of the hypothecated asset described in annexure A to the application presently lying at Rourkela, Odisha.

The petitioner shall pay an initial remuneration of 2000 Gms. to the Receiver and shall also bear the travelling expenses of the Receiver for her visit to the relevant place in the state of Odisha. The petitioner shall provide the Receiver with a befitting accommodation at the relevant place.

Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the state of Odisha.

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 respondents.

The matter is made returnable two weeks after Christmas vacation.

The Receiver shall file her report on the next date of hearing.

All parties, including the Receiver and the concerned police authorities shall act on the copy of the certified website copy of this order.