Judgment:
ORDER
SHEET AP No.288 of 2012 IN THE HIGH COURT AT CALCUTTA ORIGINAL SIDE MAGMA FINCORP LIMITED Versus BODAKE NILESH MACHINDRA & ANR BEFORE: The Hon'ble JUSTICE INDIRA BANERJEE Date :
17. h April, 2012.
Appearance: Mr.Anuj Singh, Adv.The Court :- The petitioner financed Rs.16,56,000/- to the respondent no.1 for purchase of the asset specified in paragraph ‘2’ of the petition.
The amount advanced along with interest was repayable in 47 equal monthly commencing from instalments 10.11.2010 of and Rs.43,650/ending on per month 10.9.2014.
An agreement dated 9.4.2010 was executed by and between the petitioner and the respondents in terms whereof the petitioner has the right to take possession of the asset in default of compliance with the terms and conditions of the agreement including in payment of any instalment, sell the same, and realize the proceeds thereof towards pro tanto satisfaction of its dues.
The agreement also contains a clause for resolution of disputes by arbitration.
The respondent no.1 paid 11 instalments and thereafter committed defaults.
It is claimed that a sum of Rs.16,10,096.00/instalments which has fallen due inclusive have become immediately of future repayable by reason of default.
The petitioner has, prima facie, become entitled to take possession of the asset.
The petitioner has been able to make out a good prima facie case for interim relief.
It is pleaded that the agreement has been executed at the registered office of the petitioner at 24 Park Street, Kolkat”
016. jurisdiction of this Court.
contains a jurisdiction In any case, clause whereby within the the agreement the parties have agreed that all disputes should be adjudicated in Kolkata.
This application is, therefore, entertained.
This Court is, however, of the view that no leave under Clause 12 of the Letters Patent is necessary since an application under Section 9 of the Arbitration and Conciliation Act, 1996 is not a suit.
There will be an order in terms of prayer (b) of the petition.
Mr.Association, Room Subir No.9, is Roy, appointed Advocate, Receiver over Bar the asset.
The symbolical learned possession Receiver of the shall asset, immediately make an take inventory thereof and submit a report on the returnable date.
The petitioner submits that the asset is located at Pune.
The respondents are directed to inform the learned Receiver of the exact location of the asset in question to enable the learned Receiver to take symbolical possession and make an inventory in terms of this order.
Once the location of the asset is disclosed to the learned Receiver the Respondents shall not remove the asset from the said location till the learned Receiver takes symbolical possession and makes an inventory in terms of this order.
The respondents shall, even after the inventory, keep the learned Receiver informed of the whereabouts of the asset.
The learned Receiver shall be entitled to remuneration of 700 G.Ms to be paid by the petitioner at the fiRs.instance.
The petitioner shall make necessary arrangements for travel and accommodation of the learned Receiver in a manner commensurate with his status as a practising Advocate of this Court.
Matter is made returnable on 5.6.2012 Receiver and all parties are to act on a signed photostat copy of this order on the usual undertakings.
(INDIRA BANERJEE, J.cs.
A.R.(CR).