Calcutta High Court
Srei Equipment Finance Ltd vs Dscl-Fengshun-Wabag Consortium And ... on 4 October, 2016
Author: Soumen Sen
Bench: Soumen Sen
ORDER SHEET
AP No. 733 of 2016
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
SREI EQUIPMENT FINANCE LTD.
Versus
DSCL-FENGSHUN-WABAG CONSORTIUM AND OTHERS.
BEFORE:
The Hon'ble JUSTICE SOUMEN SEN
Date :4th October, 2016.
Appearance:
Mr. Swatarup Banerjee, Adv.
Mr. Debdulal Halder, Adv.
The Court : Leave under Clause 12 of the Letters Patent is
granted.
In spite of notice, the respondent is not represented.
The affidavit of service filed in Court today is taken on record. This application is filed for interim relief in contemplation of an arbitration proceeding.
The petitioner contends that under a loan-cum-hypothecation agreement, the petitioner has given financial assistance for a sum of Rs.3,00,00,000/- for the purpose of acquiring ONE NO.TPN 1200 SLURRY MICRO TUNNEL BORING MACHINE AND ONE NO.TPN 1600 2 SLURRY MICRO TUNNEL BORING MACHINE along with all its accessories as described in the paragraph 3 of the instant petition.
The respondent also agreed to pay financed amount along with interest aggregating to a sum of Rs.3,64,08,900/- payable in 34 monthly installments commencing from November 22, 2015 and ending on August 22, 2018 at the rate of Rs.10,70,850/- each.
The agreement contains an arbitration clause. The petitioner claims that a total sum of Rs.3,73,09,578/- is due and payable including an amount not less than Rs.85,66,800/- on account of defaulted installments calculated up to June, 2016. The petitioner in view of failure to pay the arrear installments has terminated the agreement by a notice dated July 26, 2016. Under such circumstances, there shall be an order of injunction in terms of prayer (c) of the petition.
Under such circumstances, Mr.Rajaram Banerjee, Advocate, Bar Association, Room No.13(C.B.) (Mob. No.9830189403) is appointed as a receiver over and in respect of the assets being ONE NO.TPN 1200 SLURRY MICRO TUNNEL BORING MACHINE AND ONE NO.TPN 1600 SLURRY MICRO TUNNEL BORING MACHINE described in paragraph 3 of the instant petition with a direction to take physical possession of the said assets after making an inventory and keep the said assets at a place to be provided by the petitioner until further orders. However, in the event, the respondent pays a sum of Rs.86 lakhs before the receiver takes physical possession of the assets in terms of this order the receiver shall permit the respondent to use the said assets under 3 the supervision of the receiver subject to furnishing of information about the whereabouts of the assets to the receiver on a monthly basis. The receiver in that event shall remain in symbolic possession. The receiver shall be entitled to an initial remuneration of 1500 GMs and all expenses on account of the receiver's travel, accommodation and the like shall be borne by the petitioner at the first instance.
Delhi Jal Board is directed to disburse the payment due to the respondent no.1 directly to the petitioner in respect of the Project as mentioned in the paragraph no.2 of the instant petition.
In the event, the receiver is resisted in implementing this order, the officer-incharge of the concerned Police Station shall render all assistance to the receiver.
The arbitral proceeding shall be commenced within a period of 90 days from the date of this order, failing which the interim order shall stand automatically vacated.
The petitioner is directed to communicate this order to the respondent by speed post with acknowledgment due within a week from date and shall file an affidavit of service on the adjourned date. The matter is made returnable on 29th November, 2016.
Urgent photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance of all requisite formalities.
(SOUMEN SEN, J.) dg2