Calcutta High Court
Cholamandalam Investment And Finance ... vs Sanjay Ghosh & Anr on 3 March, 2020
Author: Ashis Kumar Chakraborty
Bench: Ashis Kumar Chakraborty
ORDER SHEET
AP NO.751 OF 2019
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED
Versus
SANJAY GHOSH & ANR.
BEFORE:
The Hon'ble JUSTICE ASHIS KUMAR CHAKRABORTY
Date : 3rd March, 2020.
Mr.Swatarup Banerjee,
Ms.S. Das, Advs., for the
petitioner.
Mr.Anuran Samanta, Adv., for
the respondent.
The Court : The petitioner has filed this application under Section 9 of the Arbitration and Conciliation Act, 1996 (in short, 'the Act of 1996') seeking for various interim orders to protect the hypothecated asset in question. A copy of the application has been served upon the respondents who were earlier represented by Mr. Anuran Samanta. However, it is submitted by Mr. Samanta that due to lack of cooperation from the respondents, he would like to withdraw himself from the matter.
In such view of the matter, this application is taken up for hearing in the absence of the respondents.
2
It is the case of the petitioner that in terms of an agreement dated March 22, 2019, the respondents obtained financial accommodation to acquire the asset mentioned in paragraph 4 of the application which remains hypothecated with the petitioner. The said agreement contains an arbitration clause. The respondents, however, have failed to make payment of the monthly instalments on account of hypothecated asset and as on November 11, 2019, Rs.23,75,778/- remains due and outstanding by the respondents to the petitioner. In spite of repeated requests, the respondent has failed to pay the said amount or any part thereof to the petitioner. Accordingly, the petitioner is entitled to and has revoked the said agreement and filed this application to take possession of the hypothecated asset which is presently lying at Cossipore, B T Road, Kolkata through Receiver.
Considering the facts of the case, I am satisfied that the petitioner has made out a prima facie case for obtaining interim order of protection in respect of the hypothecated asset in question.
Accordingly, Mr.Sahidul Islam, Advocate, Bar Association, Room No.14, is appointed as the Receiver to take possession of the hypothecated asset from the respondents presently lying at Cossipore, B T Road, Kolkata. The petitioner shall pay an initial remuneration of 2000 GMs to the petitioner and shall also arrange for the visit of the Receiver at Cossipore.
3
If necessary, the Receiver shall approach the Officer-in- Charge of the concerned Police Station for obtaining police assistance to implement this order. If the petitioner deposits the requisite fees with the concerned authorities, the concerned authorities shall render necessary police assistance to the Receiver to take actual physical possession of the hypothecated asset from the respondents.
The Receiver shall file his report on the returnable date. The application is made returnable on March 17, 2020. 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.) S.Das AR[CR]