Citicorp Finance (India) Limited vs Ajyothiben Joshi And Anr on 26 February, 2024

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Bombay High Court

Citicorp Finance (India) Limited vs Ajyothiben Joshi And Anr on 26 February, 2024

Bench: Bharati Dangre

2024:BHC-OS:3164

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                    IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                          ORDINARY ORIGINAL CIVIL JURISDICTION
                         COURT RECEIVER'S REPORT NO. 217 OF 2023
                                           IN
                          ARBITRATION PETITION NO. 1357 OF 2013


               Citycorp Finance (India) Ltd                   .. Petitioner
                                        Versus
               Ajyotiben Vasudev Joshi (Borrower)             .. Respondents
               and ors
                                             ...

               Mr. Vivek Patil i/b Vivek Patil & Associates for the petitioner.
               Ms.Achala Hatode for respondent no.3.
               Ms.Charushila M. Vaidya, 2nd Assistant to Court Receiver with
               Mr.D.M. Patil, S.O present.

                                           CORAM: BHARATI DANGRE, J.

DATED : 26th FEBRUARY, 2024 P.C:-

1 In compliance of the directions issued by this Court on 27/11/2013 when the Court Receiver, High Court, Bombay is appointed in respect of hypothecated vehicle having model No. AL-3116, Engine No. GJ8Z6426, Chassis No. XCP138149, with a direction to appoint the respondent as an agent of the Receiver.

Accordingly, the Receiver has carried out the mandate of the Court.




               Tilak




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The vehicle was put to auction and it fetched an amount of Rs.2,50,000/-.

2 Accordingly, on 16/9/2019, a direction was issued for disbursement of the amount which was modified by further order of 15/1/2020, directing the disbursement to be made by Court Receiver, High Court, Bombay.

The amount which was received by inviting bids towards purchase of the vehicle is presently lying with the Court Receiver which is invested in a Fixed Deposit.

3 The Court Receiver has prayed for discharge without passing accounts, subject to payment of costs charges and expenses, and since the direction was issued that the amount should be paid to respondent no.3, the disbursement shall be made from the Fixed Deposit which has carried an interest. However, the Court Receiver, in his report, has stated that it has incurred cost charges and expenses to the tune of Rs.63,078/- as per the final statement of account.

4 In these unusual circumstances, it is directed that the principal amount deposited in the Fixed Deposit shall be disbursed in favour of respondent no.3, and in the peculiarity of the situation, costs and expenses of the Receiver shall be borne by respondent no.3 as the petitioner did not earn a single farthing from the entire exercise and it would be unjust to direct him to bear the expenses.


Tilak




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I deem it appropriate to direct that the amount of Rs.2,50,000/- shall be disbursed in favour of respondent no.3, whereas the amount of interest accrued on the Fixed Deposit, shall be adjusted towards the Court Receiver's cost charges and expenses.

Let the necessary compliance be ensured within a period of two weeks from today.

Court Receiver Report No.217 stand disposed off.

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