Delhi District Court
Hdfc Bank Limited vs Lakhvinder Singh on 6 July, 2012
IN THE COURT OF MS. SUNITA GUPTA,
DISTRICT & SESSIONS JUDGE : DELHI
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CS No.84/2012 Unique ID No. 02401C0033352012 HDFC Bank Limited, Having Branch Office at:
Express Building, 9th Floor, Bahadur Shah Jafar Marg, ITO, Delhi-110002. ....Petitioner Versus
1. Lakhvinder Singh A-38, Mahendru Enclave Delhi-110033
2. Amarjeet Singh, A-38, 3rd Floor, Mahendru Enclave Delhi-110033 ...Respondents Date of Institution : 21.01.2012 Date of Arguments: 05.07.2012 Date of judgment : 06.07.2012 Petition U/s 9 of Arbitration & Conciliation Act, 1996 EXPARTE JUDGMENT:
Petitioner has filed the present petition U/S 9 of The Arbitration & Conciliation Act, 1996 claiming that the respondents had approached the petitioner bank, for grant of loan for purchase of vehicle i.e.Man CLA 25.220 6X2 MAV, bearing Registration No. HR 55J-6818 . On the request of the respondents an amount of Rs.13,00,000/- was sanctioned as loan vide loan agreement dated 20.10.2009. The respondents agreed to repay the loan amount with interest in 47 monthly installments of Rs.35,130/-
(CS No.84/2012) (Page 1 of 3) each. Necessary documents in that regard were claimed to have been executed by the respondents. As per case of the petitioner, the petitioner had duly paid the financed amount to the respondents against vehicle i.e. Man CLA 25.220 6X2 MAV, bearing Registration No. HR 55J-6818 and the said vehicle was under exclusive hypothecation of the petitioner. The respondents started defaulting in repayment for which a loan recall notice dated 27.12.2011 was sent to the respondents. It was further claimed that there existed an arbitration clause in the agreement entered into between the parties and the dispute was to be settled by arbitration. The petitioner has prayed that Shri Umesh Kumar Puri, Authorised Representative of the petitioner bank may be appointed as Receiver to take possession of the vehicle in question.
2. Vide order dated 23.01.2012 passed by this Court, Shri Umesh Kumar Puri, Authorised Representative of the petitioner bank was appointed as receiver to take interim possession of the vehicle in question.
3. Notice of the petition was sent to the respondents but none had appeared on behalf of respondents despite service, Hence, case was proceeded ex-parte against the respondents vide order dated 23.04.2012.
4. I have heard ld. counsel for the petitioner and carefully gone through the record.
5. It was submitted by Ld. Counsel for the petitioner that the vehicle in question has not been repossessed. However, arbitration proceedings have also been initiated against the respondent.
6. Perusal of record reveals that as per Arbitration clause of the Loan Agreement entered into between the parties, all disputes, differences or claims arising out of the agreement shall be settled by arbitration in accordance with provisions of Arbitration & Conciliation Act, 1996. As per provisions of Section 9 of the Arbitration & Conciliation Act, a party can approach the court either before or during the arbitration proceedings or (CS No.84/2012) (Page 2 of 3) at any time after making of the award for interim injunction or appointment of a Receiver. In that view of the matter, this Court is duly empowered to appoint a Receiver in the present matter as there exists an arbitration clause in the agreement between the parties.
7. Accordingly, the petition is allowed and order dated 23.01.2012 passed earlier is made absolute. Shri Umesh Kumar Puri, Authorised Representative of the petitioner bank who was appointed as receiver, is authorised to repossess the vehicle in question. Since the arbitration proceedings in the matter have already been initiated against the respondents, the vehicle, if repossessed, shall be kept in safe custody by the receiver and same shall be dealt in terms of Award to be passed by the learned Arbitrator. The petition stands disposed of accordingly.
File be consigned to record room.
Announced in open court
06.07.2012 (SUNITA GUPTA)
District & Sessions Judge : Delhi
(CS No.84/2012) (Page 3 of 3)