indusind Bank Ltd. Vs. Dipak Raha and anr. - Court Judgment

Excerpt:

the court : i have examined the report of the receiver dated 21stseptember,2010.in terms of the order dated 2nd september, 2010 he has duly taken possession ofone volvo bus, which was the subject matter of the agreement. according to the reportsome windowpanes have to be reassembled in the bus. these windowpanes were openedat the time of repair of the bus.arbitration has already commenced. in spite of two affidavits of service havingbeen filed, none appears for the respondents. therefore, in the circumstances, i directthe receiver to sell the volvo bus upon giving another notice to the respondents, at thebest available price.after deducting the expenses of sale and his further remuneration assessed at700 gms., the receiver will hand over the proceeds to the petitioner. the petitioner willkeep the sale proceeds in a separate interest bearing account to the credit of thearbitration.this exercise should be completed within a period of three months from date. thereceiver will file accounts and report. thereupon, he will stand discharged.this application is disposed of accordingly.all parties concerned are to act on a signed photo copy of this order on the usualundertakings.

Judgment:

The Court : I have examined the report of the Receiver dated 21st

September,2010.

In terms of the order dated 2nd September, 2010 he has duly taken possession of

one Volvo Bus, which was the subject matter of the agreement. According to the report

some windowpanes have to be reassembled in the bus. These windowpanes were opened

at the time of repair of the bus.

Arbitration has already commenced. In spite of two affidavits of service having

been filed, none appears for the respondents. Therefore, in the circumstances, I direct

the Receiver to sell the Volvo Bus upon giving another notice to the respondents, at the

best available price.

After deducting the expenses of sale and his further remuneration assessed at

700 GMs., the Receiver will hand over the proceeds to the petitioner. The petitioner will

keep the sale proceeds in a separate interest bearing account to the credit of the

arbitration.

This exercise should be completed within a period of three months from date. The

Receiver will file accounts and report. Thereupon, he will stand discharged.

This application is disposed of accordingly.

All parties concerned are to act on a signed photo copy of this order on the usual

undertakings.