Srei Equipment Finance Pvt. Ltd. Vs. Twenty First Century Wire Rods Ltd and anr. - Court Judgment

Excerpt:
the court : further to the order dated 12th july, 2010, the receiver has taken possession of the two equipments. a report has been filed by the receiver dated 7th september, 2010 which is taken on record. none appears for the respondents, although an affidavit of service is in the record. moreover, this application was first moved on 20th july, 2009 and ever since the respondents have not appeared. further, it is submitted that the award has already been made and published. in that view of the matter, i direct the receiver to sell the two equipments at the best available price upon giving one more notice to the respondents. he should first bring the sale proceeds into his bank account after deducting the expenses of sale and his further remuneration assessed at 700 g.ms. ad hoc. he should hand over the balance to the petitioner who will hold it to the credit of the arbitration in an interest bearing account. such exercise should be completed within a period of three months from date. the receiver will file a report along with accounts in the registry and thereupon shall stand discharged. this application is disposed of accordingly. all parties concerned are to act on a signed photocopy of this order on the usual undertakings.

Judgment:
The Court : Further to the order dated 12th July, 2010, the Receiver has taken possession of the two equipments. A report has been filed by the Receiver dated 7th September, 2010 which is taken on record. None appears for the respondents, although an affidavit of service is in the record. Moreover, this application was first moved on 20th July, 2009 and ever since the respondents have not appeared. Further, it is submitted that the award has already been made and published.

In that view of the matter, I direct the Receiver to sell the two equipments at the best available price upon giving one more notice to the respondents.

He should first bring the sale proceeds into his bank account after deducting the expenses of sale and his further remuneration assessed at 700 G.Ms. ad hoc. He should hand over the balance to the petitioner who will hold it to the credit of the arbitration in an interest bearing account.

Such exercise should be completed within a period of three months from date. The Receiver will file a report along with accounts in the Registry and thereupon shall stand discharged. This application is disposed of accordingly.

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