Magma Fincorp Ltd. Vs. Madhusudan Rout and anr. - 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 30th july, 2005 between the petitioner and the respondent no.1. the subject matter of the agreement is an equipment, whose value is rs.16,00,800/-. due to default in payment of instalments by the respondents, the petitioner terminated the agreement on 22nd december, 2006. the dues of the respondents towards the petitioner as on 22nd june, 2010 is rs.33,24,529/-. arbitration has commenced. 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. since the agreement had been terminated in december, 2006 and this application is being moved in the latter part of 2010, i am not inclined to pass an order for actual physical possession of the equipment, at the time of moving this application. i pass an order in terms of prayer [a] restricted to inventory and symbolic possession only. i also pass an order in terms of prayer [b] of the petition. i appoint mr. ratul das, advocate, bar association room no. 14 as receiver at a remuneration of 700 gms. to be paid by the petitioner. receiver to file the report by the returnable date. help of the police may be taken to locate the equipment. 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 equipment. the receiver will be at liberty to appoint an agent but must exercise full control over such agent. i make this application returnable four weeks hence to pass further orders. all parties concerned are to act on a signed photo copy 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 30th July, 2005 between the petitioner and the respondent no.1. The subject matter of the agreement is an equipment, whose value is Rs.16,00,800/-.

Due to default in payment of instalments by the respondents, the petitioner terminated the agreement on 22nd December, 2006. The dues of the respondents towards the petitioner as on 22nd June, 2010 is Rs.33,24,529/-. Arbitration has commenced.

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. Since the agreement had been terminated in December, 2006 and this application is being moved in the latter part of 2010, I am not inclined to pass an order for actual physical possession of the equipment, at the time of moving this application. I pass an order in terms of prayer [a] restricted to inventory and symbolic possession only. I also pass an order in terms of prayer [b] of the petition. I appoint Mr. Ratul Das, Advocate, Bar Association Room No. 14 as Receiver at a remuneration of 700 GMs. to be paid by the petitioner.

Receiver to file the report by the returnable date. Help of the police may be taken to locate the equipment. 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 equipment. The Receiver will be at liberty to appoint an agent but must exercise full control over such agent. I make this application returnable four weeks hence to pass further orders.

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