Magma Fincorp Ltd. Vs. Gurnam Singh Padda 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 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 one truck. the dues was about rs.20 lakhs. 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.ghanashyam patra, bar association room no.4, advocate as receiver at an initial consolidated remuneration of 700 gms. to be paid by the petitioner for ap no.560/558/563 of 2010 to make an inventory of the truck. 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 truck. in this case an award has been passed. it is submitted that the award has not become executable as of now. on such submission this order is being passed as an interim measure so that the award-debtor cannot dissipate the asset in question before execution is levied. 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 one truck. The dues was about Rs.20 lakhs. 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.Ghanashyam Patra, Bar Association Room No.4, Advocate as Receiver at an initial consolidated remuneration of 700 GMs. to be paid by the petitioner for AP No.560/558/563 of 2010 to make an inventory of the truck. 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 truck. In this case an award has been passed. It is submitted that the award has not become executable as of now.

On such submission this order is being passed as an interim measure so that the award-debtor cannot dissipate the asset in question before execution is levied. 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.