L & T Finance Limited v. Zillion Infraprojects Pvt. Ltd.
Case brief
What is this about?
The petitioner, a financier, sought appointment of a Receiver to take possession of hypothecated vehicles and equipment. The court allowed the appointment of the petitioner's officer expressly to secure possession as protection for the recovery claim while arbitration is mooted.
What did the court decide?
Appointment of Mr. Amit Sharma as Receiver to take possession of 118 hypothecated vehicles and equipment; modification by Arbitrator or payment by Respondent extinguishes this measure.
What the court decided
$~16
- IN THE HIGH COURT OF DELHI AT NEW DELHI
- O.M.P.(I) (COMM.) 482/2017 L & T FINANCE LIMITED ..... Petitioner
Through: Mr.P.K.Bhalla, Adv.
versus
ZILLION INFRAPROJECTS PVT LTD. ..... Respondent Through:
CORAM:
HON'BLE MR. JUSTICE NAVIN CHAWLA O R D E R % 23.11.2017 IA 13771/2017
Exemption allowed subject to all just exceptions.
OMP(I)(COMM) 482/2017
The petitioner submits that the petitioner had entered into Vendor Finance Facility Agreement with the respondent whereunder pre-shipment and post-shipment Bill Discounting Facility has been granted to the respondent. It is submitted that as on date, an amount of Rs.16,17,53,493/- towards principle, interest, penal interest and other dues is payable by the respondent to the petitioner. By notice dated 12th August, 2017, the petitioner has recalled the loan facility and, therefore, the above amount has become due and payable. It is further contended that the respondent has also hypothecated 118 vehicles/equipments as security for the loan facility granted in its favour. It is submitted that the petitioner is in the process of invoking the arbitration.
Issues for consideration
1 issue framed by the court
Whether the petitioner has the authority to appoint its officer as Receiver to take possession of hypothecated security.
Parties & counsel
- petitioner
L & T Finance Limited
- respondent
Zillion Infraprojects Pvt Ltd
Coram
Navin Chawla
Case details
As recorded by the court registry
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