Srei Equipment Finance Pvt. Ltd. Vs. Mr. Venkat Ratnam and ors. - Court Judgment

Excerpt:
the court :- this application was moved on 17th august, 2010. although affidavit of service was filed in court, i gave an opportunity to the respondents to appear by adjourning the application. none appears for them even today. this is a section 9 application. it is founded on a hire purchase agreement dated 22nd march, 2008 between the parties. the subject matter of the agreement is an equipment, whose initial value was rs.46,85,200/-. due to default in payment of instalments by the respondents, the petitioner terminated the agreement on 17th november, 2009. the dues of the respondents towards the petitioner as on the date of termination was rs.42,37,537/-. arbitrator has been appointed. therefore, on the above prima facie, i pass an order in terms of prayers [a] and [b] of the petition. i appoint mr. somendra nath das, advocate, bar association, room no. 15, 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 truck. i make this application returnable four weeks hence 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 :- This application was moved on 17th August, 2010. Although affidavit of service was filed in Court, I gave an opportunity to the respondents to appear by adjourning the application. None appears for them even today. This is a Section 9 application. It is founded on a hire purchase agreement dated 22nd March, 2008 between the parties.

The subject matter of the agreement is an equipment, whose initial value was Rs.46,85,200/-. Due to default in payment of instalments by the respondents, the petitioner terminated the agreement on 17th November, 2009. The dues of the respondents towards the petitioner as on the date of termination was Rs.42,37,537/-.

Arbitrator has been appointed. Therefore, on the above prima facie, I pass an order in terms of prayers [a] and [b] of the petition. I appoint Mr. Somendra Nath Das, Advocate, Bar Association, Room No. 15, 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 truck. I make this application returnable four weeks hence to pass further order.

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