Srei Equipment Finance Pvt. Ltd. Vs. Rohtash Singh and anr. - Court Judgment

Excerpt:
the court :-leave is granted under clause 12 of the letters patent subject to the question of its requirement. this is a section 9 application. it is founded on a hire purchase agreement dated 22nd may, 2008 between the parties. the subject matter of the agreement is an equipment, whose value is rs.85,00,000/-. the equipment is lying in haryana. due to default in payment of instalments by the respondents, the petitioner terminated the agreement on 9th september, 2010. the dues of the respondents towards the petitioner as on the date of termination were rs.60,38,877/-. arbitrator has been appointed. affidavit of service has been filed in court. it is submitted that the respondents have been served, which submission is accepted. none appears for the respondents. therefore, on the above prima facie, i pass an order in terms of prayers [a] and [b] of the petition. i appoint mr. hemonta kumar mitra, bar association, room no.15 advocate as receiver at an initial remuneration of 700 gms. to be paid by the petitioner. receiver to file the report by the returnable date. the receiver will be at liberty 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. the assistance to be rendered by the police will include the necessary help in tracing out the equipment. i make this application returnable on 9th november, 2010 to pass further order. receiver and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.

Judgment:
The Court :-Leave is granted under Clause 12 of the Letters Patent subject to the question of its requirement. This is a section 9 application. It is founded on a hire purchase agreement dated 22nd May, 2008 between the parties. T

he subject matter of the agreement is an equipment, whose value is Rs.85,00,000/-. The equipment is lying in Haryana. Due to default in payment of instalments by the respondents, the petitioner terminated the agreement on 9th September, 2010. The dues of the respondents towards the petitioner as on the date of termination were Rs.60,38,877/-.

Arbitrator has been appointed. Affidavit of service has been filed in Court. It is submitted that the respondents have been served, which submission is accepted. None appears for the respondents. Therefore, on the above prima facie, I pass an order in terms of prayers [a] and [b] of the petition. I appoint Mr. Hemonta Kumar Mitra, Bar Association, Room No.15 Advocate as Receiver at an initial remuneration of 700 GMs. to be paid by the petitioner. Receiver to file the report by the returnable date.

The Receiver will be at liberty 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. The assistance to be rendered by the police will include the necessary help in tracing out the equipment. I make this application returnable on 9th November, 2010 to pass further order.

Receiver and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.