Magma Fincorp Ltd. Vs. Ankur and anr. - Court Judgment

Excerpt:

the court :- here, the receiver has taken possession of the equipment. his report be taken on record. the award has been passed on 10th june, 2010. affidavit of service has been filed in court. it is submitted by the learned counsel for the petitioner that the respondents have been served not only with a copy of this application but also with a copy of the order appointing receiver. one appears for them even today. in the circumstances, i direct the receiver to sell the equipment at the best price obtained, upon giving a fresh notice to the respondents. receiver will first bring the sale proceeds into his account. thereafter, after deducting the expenses of sale and a further remuneration of 700 gms, the receiver will make over the balance sum to the petitioner who will hold the same in an interest bearing account to the credit of the arbitration. such exercise should be completed within three months from date. receiver will file the report and accounts in the registry and upon so filing will stand discharged. this application is, accordingly, disposed of. receiver and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.

Judgment:

The Court :- Here, the Receiver has taken possession of the equipment. His report be taken on record. The award has been passed on 10th June, 2010.

Affidavit of service has been filed in Court. It is submitted by the learned Counsel for the petitioner that the respondents have been served not only with a copy of this application but also with a copy of the order appointing Receiver.

one appears for them even today. In the circumstances, I direct the Receiver to sell the equipment at the best price obtained, upon giving a fresh notice to the respondents. Receiver will first bring the sale proceeds into his account.

Thereafter, after deducting the expenses of sale and a further remuneration of 700 GMs, the Receiver will make over the balance sum to the petitioner who will hold the same in an interest bearing account to the credit of the arbitration. Such exercise should be completed within three months from date. Receiver will file the report and accounts in the Registry and upon so filing will stand discharged.

This application is, accordingly, disposed of. Receiver and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.