Calcutta High Court
Srei Equipment Finance Limited vs Pradeep Kumar Singh And Anr on 14 January, 2020
Author: Ashis Kumar Chakraborty
Bench: Ashis Kumar Chakraborty
O-91
AP 839 of 2019
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
SREI EQUIPMENT FINANCE LIMITED
Versus
PRADEEP KUMAR SINGH AND ANR.
..................
BEFORE:
The Hon'ble JUSTICE ASHIS KUMAR CHAKRABORTY Date : 14th January, 2020.
Ms. Lakshmi Shaw, adv...for petitioner.
The Court : This is an application under Section 9 of the Arbitration & Conciliation Act, 1996 as amended by Act 3 of 2016.
From the affidavit of service filed by the petitioner it appears that the petitioner forwarded copies of the application to both the respondents and they received the same. Accordingly, this application is taken up for hearing in the absence of the respondents.
The petitioner claims that in terms of an agreement dated June 15, 2018 (hereinafter referred to as "the said agreement") the respondent no.1 obtained financial accommodation to acquire the asset mentioned in paragraph 3 of the application which remains hypothecated to the petitioner. The respondent no.2 as the party to the said agreement which also contains an arbitration agreement. According to the petitioner, the respondent no.1 has failed to pay the monthly instalments and as such as on September 20, 2019 Rs.40,21,080.16 became due and owing by the respondent no.1 to the petitioner. In spite of demands the respondent no.1 has failed to pay the said outstanding dues. Thus, the petitioner has terminated the said agreement and filed this application for taking possession of the hypothecated assets through a Receiver. 2
Considering the materials on record, I find that the petitioner substantiated a case for appointment of a Receiver.
Accordingly, Mr. Goutam Das, Advocate of Bar Association (Room No. 16) is appointed as the Receiver to take possession of the hypothecated assets mentioned in paragraph 3 of the application presently lying at Cuttack in the State of Odisha.
The petitioner shall pay an initial remuneration of 2200 Gms. to the Receiver and shall also bear the travelling expenses of the Receiver for his visit to the relevant place in the state of Odisha. 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 Odisha.
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 of Police of the concerned district shall render necessary police assistance to the Receiver to take actual physical possession of the hypothecated assets from the respondents.
Let the matter appear in the list on February 4, 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.) pkd.