Srei Equipment Finance Pvt. Ltd. Vs. Maa Tara Supply Agency and anr. - Court Judgment

Excerpt:

.....appoint mr. shailendra kumar mishra, advocate, bar association room no.4, as receiver at an initial remuneration of 700 gms to be paid by the petitioner. receiver to file a report by the returnable date. the receiver will be entitled to appoint an agent but must exercise full control over such agent. the local police authority is directed to render necessary assistance to the receiver, if so requisitioned by him/her. the assistance to be rendered by the police will include necessary help in tracing out the equipment. i make this application returnable four weeks hence to pass further order. receiver and all parties concerned are to act on a signed photocopy of this order upon the usual undertakings.

Judgment:

The Court : An affidavit of service has been filed. The endorsement on the postal document, it is submitted, is refused by respondent No.1. This application was moved on 24th August, 2010, when an order of injunction was passed till 8th September, 2010.

This Section 9 application is founded on a hire purchase agreement dated 22nd September, 2008, between the petitioner and the respondent No.1. The subject matter of the agreement is lease or hypothecation of equipment, whose value is Rs.27,27,140/-.

Due to default in payment of installments by the respondents, the petitioner terminated the agreement on 10th June, 2010. The dues of the respondents towards the petitioner as on 2nd June, 2010, was Rs.16,73,073/-.

Arbitrator has been appointed. Therefore, on the above prima facie, I pass an order in terms of prayers (b) & (c) of the petition. I appoint Mr. Shailendra Kumar Mishra, Advocate, Bar Association Room No.4, as Receiver at an initial remuneration of 700 GMs to be paid by the petitioner.

Receiver to file a report by the returnable date. The Receiver will be entitled to appoint an agent but must exercise full control over such agent. The local police authority is directed to render necessary assistance to the Receiver, if so requisitioned by him/her.

The assistance to be rendered by the police will include necessary help in tracing out the equipment. I make this application returnable four weeks hence to pass further order. Receiver and all parties concerned are to act on a signed photocopy of this order upon the usual undertakings.