Calcutta High Court
Srei Equipment Finance Limited vs Bharatbhai Ranabhai Bharvad on 7 January, 2020
Equivalent citations: AIRONLINE 2020 CAL 31
Author: Ashis Kumar Chakraborty
Bench: Ashis Kumar Chakraborty
O-44
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
A.P. No. 497 of 2019
SREI EQUIPMENT FINANCE LIMITED
Versus
BHARATBHAI RANABHAI BHARVAD
BEFORE:
The Hon'ble JUSTICE ASHIS KUMAR CHAKRABORTY
Date : 7th January, 2020
Appearance:
Mr. Arijit Ghosh, Adv.
...for the petitioner
The Court: This is an application under Section 9 of
the Arbitration and Conciliation Act, 1996.
From the affidavit of service filed by the petitioner
it appears that the postal authority has issued a
certificate showing that the respondent has received a copy
of the application forwarded to him. The respondent, however, remains unrepresented.
The petitioner claims for in terms of an agreement dated September 15, 2017 (hereinafter referred to as "the said agreement") the respondent obtained a financial accommodation to acquire the asset mentioned in paragraph 5 of the application. The said agreement contemplates that all disputes arising between the parties thereto shall be adjudicated through arbitration. According to the petitioner the respondent has failed to pay the monthly instalments payable under the said agreement and as on June 2 11, 2019 Rs.25,02,689/- remain due and outstanding by the respondent. Accordingly, the petitioner is entitled to and it terminated the said agreement. The petitioner has filed this application to take possession of the hypothecated asset, presently lying at Morbi, in the state of Gujarat.
Considering the materials on record I find that the petitioner has made out a prima facie case to obtain the order of interim protection. Accordingly, Ms. Sananda Mukherji, Advocate of Bar Library Club, First Floor is appointed as the Receiver to take possession of the hypothecated asset mentioned in paragraph 5 of the application presently situated at Morbi, Gujarat. The petitioner shall pay an initial remuneration of 3000 GMs. to the Receiver and shall also bear the travelling expenses including the Airfare of the Receiver. The petitioner shall provide the Receiver with a befitting accommodation at the relevant place.
Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the state of Gujarat.
If necessary, the Receiver shall approach the Superintendent of Police of the concerned district for obtaining police assistance to implement this order. If the petitioner deposits the requisite fees with the concerned authorities, the Superintendent/Deputy Commissioner of Police of the concerned district shall render necessary 3 police assistance to the Receiver to take actual physical possession of the hypothecated asset from the respondents.
The matter is made returnable in the monthly list of February, 2020.
The Receiver shall file his report on the next date of hearing.
All parties, including the Receiver and the concerned police authorities shall act on the copy of the certified website copy of this order.
(ASHIS KUMAR CHAKRABORTY, J.) TO