Indian Kanoon - Search engine for Indian Law

respondent remains unrepresented.

It is the case of the petitioner that in terms of a Master Lease Agreement dated August 14, 2018 (hereinafter referred to as "the said agreement") the respondent obtained financial accommodation for acquiring the equipment, described in paragraph 4 of the application on lease. According to the petitioner, the respondent has failed to pay the monthly lease rentals in terms of the said agreement and the said agreement has been terminated. As on September 19, 2019, Rs.25,84,155.50/- remains due and payable by the respondent to the petitioner. In spite of demand, the respondent has failed and neglected to repay the said amount. Accordingly, the petitioner has terminated the said agreement and filed this application to take possession of the said asset through Receiver.