Magma Fincorp Ltd. Vs. S. Gopalakrishnan and anr. - Court Judgment

Excerpt:
the court: pursuant to my order dated 23rd june, 2010 the receiver visited the possible location of the equipment. the receiver has filed a report in court. it is submitted on his behalf that he met the borrower but he was most uncooperative. he did not disclose the whereabouts of the vehicle. affidavit of service has been filed in court. it is submitted that the respondents have been served, which submission is accepted. none appears for the respondents. by a subsequent order dated 9th august, 2010 i had authorized the receiver to appoint an agent and directed the concerned superintendent of police to render help to the receiver. it is also submitted that arbitral proceedings have commenced. since arbitral proceedings have commenced i dispose of the application by directing the receiver himself or through the agent, if, to take possession of the vehicle and keep it in his custody. before taking possession the receiver will make a complete inventory of the vehicle in question. the receiver will keep the vehicle in a place to be provided by the petitioner for that purpose and at the expense of the petitioner. as this application is disposed of the receiver will remain an officer under the arbitrator in custody of the vehicle and subject to such directions as the arbitrator or the court may pass. the receiver will be paid further ad hoc remuneration of 700 gms. by the petitioner. police authorities and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.

Judgment:
The Court: Pursuant to my order dated 23rd June, 2010 the Receiver visited the possible location of the equipment. The Receiver has filed a report in Court. It is submitted on his behalf that he met the borrower but he was most uncooperative. He did not disclose the whereabouts of the vehicle. Affidavit of service has been filed in Court.

It is submitted that the respondents have been served, which submission is accepted. None appears for the respondents. By a subsequent order dated 9th August, 2010 I had authorized the Receiver to appoint an agent and directed the concerned Superintendent of Police to render help to the Receiver. It is also submitted that arbitral proceedings have commenced.

Since arbitral proceedings have commenced I dispose of the application by directing the Receiver himself or through the agent, if, to take possession of the vehicle and keep it in his custody. Before taking possession the Receiver will make a complete inventory of the vehicle in question. The Receiver will keep the vehicle in a place to be provided by the petitioner for that purpose and at the expense of the petitioner.

As this application is disposed of the Receiver will remain an Officer under the arbitrator in custody of the vehicle and subject to such directions as the arbitrator or the Court may pass.

The Receiver will be paid further ad hoc remuneration of 700 GMs. by the petitioner. Police Authorities and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.