Interim Order 1

Order Details: COPY OF JUDICIAL PROCEEDINGS
Pdf Text: OMP (I) (Comm) No. 1281/2024
Axis Bank Ltd. Vs. Dheeraj Kumar
21.11.2024
Fresh petition received by way of e-filing and assignment.
It be checked and registered.
Present: Sh. Tushar and Sh. Mohit Sharma, Counsels for the
petitioner.
Submissions heard. Record perused.
Vide this petition U/s 9 of the Arbitration and
Conciliation Act, the petitioner is seeking appointment of the
receiver to take the possession of vehicle make ‘Kia Motors Cat
C/1.5 GTX Plus’ having Registration no. HR29BA4415. It is
further submitted that respondent(s) availed a loan for purchasing
aforesaid vehicle make ‘Kia Motors Cat C/1.5 GTX Plus’ having
Registration no. HR29BA4415 vide loan cum hypothecation
agreement no. ALR012608831309 dated 31.03.2023. Petitioner
acceded to the request of the respondent(s) and granted loan of
Rs. 15,88,463/- to the respondent(s) and respondent(s) agreed to
pay the total loan amount in 84 monthly installments of Rs.
25,678/- each. The respondent(s) however failed/avoided to make
the payments, as per the loan schedule and defaulted in
repayment and a recall of the loan facility notice dated
18.10.2024 was issued to the respondent(s). The respondent(s)
failed to respond to the notice and this petition was filed. There
was an arbitration clause in the loan facility agreement and since
the respondent had failed to comply with the terms and
conditions of the loan. The present petition has been filed seeking
interim relief for appointment of receiver to take custody of
vehicle.
….contd.
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Since respondent(s) did not adhere to the terms of
the loan agreement and defaulted in making the payment
therefore in my view prima facie case is made out in favour of
petitioner and further balance of convenience also lies in favour
of the petitioner and in my view if the said vehicle is disposed off
by the respondent(s), then petitioner will not be able to recover
the loan amount. Any delay or postponing the grant of interim
protection to which the petitioner is likely to defeat the object of
filling the present petition. It would be thus just and convenient
to appoint a Receiver in the matter to take possession of the
construction equipment/vehicle.
Hence, I appoint Sh. Khem Chand, whose name(s)
have been given by the petitioner as Receiver to take the custody
of vehicle make ‘‘Kia Motors Cat C/1.5 GTX Plus’ having
Registration no. HR29BA4415, Engine No. D4FAPM777662 and
Chasis No. MZBFE813MPN266283 wheresoever and in
whomsoever possession it is found subject to the following
conditions:-
(a) the receiver shall give notice to the respondent
immediately prior and after taking the vehicle into his
custody;
(b) further in case respondent(s) pay to the
petitioner all the outstanding EMI to the receiver which
accrued till date he/she shall not take possession of the
vehicle ;
(c) at the time of taking the vehicle in custody, the
receiver shall take the photographs of the vehicle from
different angles and prepare an inventory of the
...contd.3
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articles/accessories found in the vehicle and obtain the
signatures of the person from whose possession the
vehicle is taken on the said inventory. He/shall also
supply a counter signed copy of the inventory to the said
person;
(d) the receiver shall hand over the custody of the
vehicle to the AR/any other responsible official of the
petitioner immediately after taking possession of the
vehicle after obtaining from him/her an indemnity bond
that he/she shall not sell, dispose off or create third party
interest in the vehicle in question without order of the
arbitrator and shall keep the same in safe custody;
(e) that AR official to whom the custody of the vehicle
is given by the receiver shall not sell or create any third
party interest to the vehicle till further orders by
arbitrator.
The petitioner is directed to take steps for invoking
the arbitration clause as early as possible but not later than 90
days from today. Copy of the order be given dasti.
The police of concerned Police Station is directed to
provide the police aid to the receiver for execution of this order.
In the meantime, issue notice of this petition to the
respondents on PF/Speed Post/Whatsapp/e-mail for 04.01.2025.
(Gorakh Nath Pandey)
District Judge (Commercial Court)-08
Central, Tis Hazari Courts, Delhi
21.11.2024
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