Srei Equipment Finance Pvt. Ltd. Vs. Mr. Basanta Lal Singh and anr. - Court Judgment

Excerpt:
the court : there will be an order in terms of prayer (a) of the petition. this appeal is directed against the order dated 14.9.2010. it appears that the admitted dues as has been stated by the hon'ble first court is less than rs.7,00,000/-. the respondent has already handed over a sum of rs.2,00,000/- by way of pay order no.202280 dated 20.9.2010 drawn on icici bank to the appellant in court today to show their bonfire. we direct that a further sum of rs.1,50,000/- should be paid by the respondent to the appellant by tomorrow and the balance amount to be paid by the respondent in two monthly instalments. the first of such instalment is to be paid on or before 15.11.2010 and thereafter on or before 15.12.2010 to wipe out the whole dues of the appellant. the amount so directed to be paid by the respondent is only with regard to the application so filed before the court.we also grant liberty to the respondent to tender the said amount of rs.1,50,000/- to the appellant at jamshedpur. after payment of rs.1,50,000/-, the receiver shall hand over possession of the vehicle in question to the respondent. in default of payment of any one installment, the receiver shall take necessary steps including taking of formal possession of the vehicle in question. the application is thus disposed of. undertakings are discharged. by consent of the parties, the appeal is treated as on the days list, and is disposed of on the above terms. all parties concerned are to act on a signed photocopy of this order on the usual undertakings. urgent certified photocopy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.

Judgment:
The Court : There will be an order in terms of prayer (a) of the petition. This appeal is directed against the order dated 14.9.2010. It appears that the admitted dues as has been stated by the Hon'ble First Court is less than Rs.7,00,000/-.

The respondent has already handed over a sum of Rs.2,00,000/- by way of pay order No.202280 dated 20.9.2010 drawn on ICICI Bank to the appellant in Court today to show their bonfire.

We direct that a further sum of Rs.1,50,000/- should be paid by the respondent to the appellant by tomorrow and the balance amount to be paid by the respondent in two monthly instalments.

The first of such instalment is to be paid on or before 15.11.2010 and thereafter on or before 15.12.2010 to wipe out the whole dues of the appellant. The amount so directed to be paid by the respondent is only with regard to the application so filed before the Court.

We also grant liberty to the respondent to tender the said amount of Rs.1,50,000/- to the appellant at Jamshedpur. After payment of Rs.1,50,000/-, the Receiver shall hand over possession of the vehicle in question to the respondent. In default of payment of any one installment, the Receiver shall take necessary steps including taking of formal possession of the vehicle in question.

The application is thus disposed of. Undertakings are discharged. By consent of the parties, the appeal is treated as on the days list, and is disposed of on the above terms.

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

Urgent certified photocopy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.