Srei Equipment Finance Pvt. Ltd. Vs. Ravi Hi Tech Stone Crusher and ors. - 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 8th august, 2008 between the petitioner and the respondent no.1. the subject matter of the agreement is an equipment. due to default in payment of installments by the respondents, the petitioner terminated the agreement on 8h september 2010. the dues of the respondents towards the petitioner as on date of termination was rs.88,90,961/-. 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 ms. dipannita ghosh (chowdhury), advocate (bar association room no.8) 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 the necessary help in tracing out the equipment. i make this application returnable four weeks after the puja vacation 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 8th August, 2008 between the petitioner and the respondent no.1. The subject matter of the agreement is an equipment.

Due to default in payment of installments by the respondents, the petitioner terminated the agreement on 8h September 2010. The dues of the respondents towards the petitioner as on date of termination was Rs.88,90,961/-.

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 Ms. Dipannita Ghosh (Chowdhury), Advocate (Bar Association Room No.8) 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 the necessary help in tracing out the equipment. I make this application returnable four weeks after the Puja vacation to pass further order.

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