Magma Fincorp Ltd. Vs. Ratan Lal Jatiya and ors. - Court Judgment

Excerpt:
the court: leave is granted under clause 12 of the letters patent subject to the question of its requirement. this is a section 9 application. it is founded on a hire purchase agreement dated 5th february, 2008 between the parties. the subject matter of the agreement is a backhoe loader, whose value is rs.22,50,572/-. due to default in payment of installments by the respondents, the petitioner terminated the agreement on 15th february, 2010. the dues of the respondents towards the petitioner as on termination is rs.11,74,199/-. arbitrator has been appointed. 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. therefore, on the above prima facie, i pass an order in terms of prayers (a) and (b) of the petition. i appoint ms. soma laha, bar association room no.2 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 receiver will also be entitled to requisition for police assistance. help of the police may be taken to locate the backhoe loader. 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 excavator. i make this application returnable four weeks hence to pass further order. local police station 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 is a Section 9 application. It is founded on a hire purchase agreement dated 5th February, 2008 between the parties. The subject matter of the agreement is a Backhoe Loader, whose value is Rs.22,50,572/-.

Due to default in payment of installments by the respondents, the petitioner terminated the agreement on 15th February, 2010. The dues of the respondents towards the petitioner as on termination is Rs.11,74,199/-. Arbitrator has been appointed. 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.

Therefore, on the above prima facie, I pass an order in terms of prayers (a) and (b) of the petition. I appoint Ms. Soma Laha, Bar Association Room No.2 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 Receiver will also be entitled to requisition for police assistance. Help of the police may be taken to locate the Backhoe Loader. 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 Excavator. I make this application returnable four weeks hence to pass further order. Local police station and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.