Magma Fincorp Ltd. Vs. M/S. a S K Transport 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 application is moved ex parte, on the ground that if notice of this application is given to the respondents they will immediately remove the subject matter of the agreement mentioned below, out of reach of the court. this is a section 9 application arising out of a hire purchase agreement containing an arbitration clause. there is substantial default alleged in payment of installments. the subject matter of the agreement is 10 trucks. the claim in this application is against nine trucks. the dues as of date was about rs.55,71,623/=. therefore, on the above prima facie case, i pass an order in terms of prayers (a) and (b) of the petition. prayer (a) of the petition is being limited to symbolic possession only for the time being. i appoint mr.somnath saha, bar association room no.4, advocate as receiver at an initial remuneration of 1000 gms. to be paid by the petitioner to make an inventory of the trucks. receiver to file a 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/her. the assistance to be rendered by the police will include the necessary help in tracing out the trucks. i make this application returnable on 4th october, 2010 to pass further orders in the presence of the respondents. 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 application is moved ex parte, on the ground that if notice of this application is given to the respondents they will immediately remove the subject matter of the agreement mentioned below, out of reach of the Court. This is a Section 9 application arising out of a hire purchase agreement containing an Arbitration Clause. There is substantial default alleged in payment of installments.

The subject matter of the agreement is 10 trucks. The claim in this application is against nine trucks. The dues as of date was about Rs.55,71,623/=. Therefore, on the above prima facie case, I pass an order in terms of prayers (a) and (b) of the petition. Prayer (a) of the petition is being limited to symbolic possession only for the time being. I appoint Mr.Somnath Saha, Bar Association Room No.4, Advocate as Receiver at an initial remuneration of 1000 GMs. to be paid by the petitioner to make an inventory of the trucks. Receiver to file a 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/her. The assistance to be rendered by the police will include the necessary help in tracing out the trucks. I make this application returnable on 4th October, 2010 to pass further orders in the presence of the respondents.

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