Delhi District Court
Hdfc Bank Limited vs Vijay Laxmi Rathi on 24 June, 2015
IN THE COURT OF SH. TARUN SAHRAWAT, VACATION
JUDGE/ADDITIONAL DISTRICT & SESSIONS JUDGE, CENTRAL,
TIS HAZARI, DELHI
ARBITRATION NO. 23/15
HDFC BANK LIMITED
HAVING BRANCH OFFICE AT
IIND FLOOR, EXPRESS BUILDING,
9-10, BAHADURSHAH ZAFAR MARG,
NEW DELHI. .......PETITIONER
Versus
VIJAY LAXMI RATHI
212-A, MUNIRKA GAON, NEAR BARAT
GHAR, NEW DELHI-110067 ......RESPONDENT
DATE OF INSTITUTION : 24.06.2015
DATE OF ARGUMENTS : 24.06.2015
DATE OF JUDGMENT : 24.06.2015
PETITON UNDER SECTION 9 OF THE
ARBITRATION AND CONCILIATION ACT, 1996
JUDGMENT/ORDER
BRIEF FACTS AND REASONS FOR DECISION :
1. The brief facts as stated in the petition are that the petitioner is a banking company incorporated and registered under the Companies Act, 1956 having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013 and concerned branch office at Express Building 2nd Floor, 9-10, Bahadur Shah Zafar Marg, New ARBITRATION NO. 23/15 Page 1 of 3 HDFC B ANK LTD. VS. VIJAY LAXMI RATHI Delhi-110002 and also at 9th floor, Ansal Classique Tower, Plot No. I, J- Block, Community Centre, Rajouri Garden, New Delhi.
2. Further, Sh. Ankush Saini, Manager is duly authorized on behalf of the petitioner bank vide Power of Attorney dated 16.05.2013 and is competent to file, sign, verify, institute the present application and follow up the legal proceedings.
3. On representation of the respondent made before the petitioner bank, a loan of Rs.7,50,000/- was sanctioned and disbursed to the respondent to purchase the subject property make SKODA RAPID 1.6 TDI AMBITION bearing Registration no.DL11CA3735, Engine no.CLN237189, Chassis no. TMBBLDNA4DG015025. As per the agreement respondent undertook to confirm to the repayment schedule of Rs.16,306/- per month for 59 months.
4. Ld. Counsel for the petitioner pointed out that there is default on the part of the respondent with respect to agreement entered into by him with the petitioner bank. It is further submitted that petitioner has invoked the Arbitration clause and has initiated the arbitration proceeding by appointing sole Arbitrator as per the terms of the agreement, but the petitioner is having the apprehension that the respondent is misappropriating the vehicle, which is the only security to the petitioner and therefore, a receiver may be appointed to take the vehicle into possession.
5. In view of the above submissions Sh. Ashish Kaushal, ARBITRATION NO. 23/15 Page 2 of 3 HDFC B ANK LTD. VS. VIJAY LAXMI RATHI Collection Manager of the petitioner is appointed as receiver at the costs and risk of the petitioner to take into custody the subject property make SKODA RAPID 1.6 TDI AMBITION bearing Registration no.DL11CA3735, Engine no.CLN237189, Chassis no. TMBBLDNA4DG015025 from the possession of the defendant and to keep the same under his charge in safe custody with the same condition of vehicle as taken into possession by him from the defendant against receipt and details of the condition of the said vehicle under intimation to this court. The receiver so appointed can seek necessary police assistance, if the need arises. It is impressed that the assistance of unauthorized persons shall not be taken by the authorized representative of the petitioner. Now nothing remains in the present petition. The present petition disposed of in above terms.
6. A copy of the order be given dasti to the ld. Counsel for the petitioner, as prayed.
7 Petitioner shall comply with the provisions of order 39 rule 3 CPC.
File be consigned to the record room.
Announced in the open court on 24th June, 2015.
(TARUN SAHRAWAT) VACATION JUDGE ADDL. DISTRICT & SESSIONS JUDGE-04 CENTRAL/TIS HAZARI COURT/DELHI ARBITRATION NO. 23/15 Page 3 of 3 HDFC B ANK LTD. VS. VIJAY LAXMI RATHI