Hdfc Bank Ltd. Vs. Hill View Coals Pvt. Ltd. and anr. - Court Judgment

Excerpt:
the court : leave is granted under clause 12 of the letters patent subject to the question of maintainability. this application is moved ex parte. the apprehension is that if notice of this application is given to the respondents, they will move out the five trucks which are the subject matter of the agreement, so as to make them out of reach of the court. this is a section 9 application. it is founded on a loan and guarantee agreement dated 5.9.2008 between the petitioner and the respondent no.1. the subject matter of the agreement is five trucks, whose value is rs.79,70,000/-. due to default in payment of installments by the respondents, the petitioner terminated the agreement on 3.8.2010. the dues of the respondents towards the petitioner as on date is rs.87,76,060/-. arbitrator has been appointed. therefore, on the above prima facie, i pass an order in terms of prayer (b) of the petition. i appoint mr. biswabrata basu mullick, advocate, bar association room no.15, as receiver at an initial remuneration of 700 gms to be paid by the petitioner to make inventory of the five trucks. 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 necessary help in tracing out the vehicles. i make this application returnable four weeks hence to pass further order. receiver, concerned police authority and all parties concerned are to act on a signed photocopy of this order upon the usual undertakings.

Judgment:
The Court : Leave is granted under Clause 12 of the Letters Patent subject to the question of maintainability. This application is moved ex parte. The apprehension is that if notice of this application is given to the respondents, they will move out the five trucks which are the subject matter of the agreement, so as to make them out of reach of the Court. This is a Section 9 application.

It is founded on a loan and guarantee agreement dated 5.9.2008 between the petitioner and the respondent No.1. The subject matter of the agreement is five trucks, whose value is Rs.79,70,000/-. Due to default in payment of installments by the respondents, the petitioner terminated the agreement on 3.8.2010. The dues of the respondents towards the petitioner as on date is Rs.87,76,060/-.

Arbitrator has been appointed. Therefore, on the above prima facie, I pass an order in terms of prayer (b) of the petition. I appoint Mr. Biswabrata Basu Mullick, Advocate, Bar Association Room No.15, as Receiver at an initial remuneration of 700 GMs to be paid by the petitioner to make inventory of the five trucks. 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 necessary help in tracing out the vehicles. I make this application returnable four weeks hence to pass further order.

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