The High Court allowed an application by a finance company to appoint a receiver to seize possession of a vehicle. The respondent defaulted on a loan agreement for an Eicher vehicle, owing Rs. 8,96,803.81.
Appointment of Mr. Muthusamy R., Dy. Manager Legal, as Receiver to seize the vehicle.
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A. N o . 84 9 8 of 20 1 7
C. V . K A R T H I K E Y A N , J.
The applicant is engaged in the business of providing finance in respect of
motor vehicles.
2 . The respondent had availed loan for purchase of Eicher vehicle.
The Principal Amount was Rs.11,11,716/-. The loan details are as follows:-
Principal Amount Rs.11,11,716/-
Finance Charges @ 13.01% Rs. 3,13,042/-
Total Sum Rs.14,24,758/-
No of Installments 47 - Monthly
Installment Amount Rs.30,314/-
1st Installment Date 01.10.2013
Last Installment Date 01.08.2017
3. It is stated that there has been due under repayment and as on
30.11.2017, a sum of Rs.8,96,803.81 is payable under the agreement.
4. It is under these circumstances, this application has been filed
seeking to appoint an employee of the applicant Mr.Muthusamy R., Dy. Manager
Legal, as Receiver to seize and take possession of the vehicle.
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vsg
C. V . K A R T H I K E Y A N , J.
5. In view of the fact that there is a default and that there is an
agreement of loan, this Application is allowed as prayed for.
1 issue framed by the court
Whether to appoint a receiver to seize the mortgaged vehicle upon loan default.
Applicant
Respondent
C. V. Kartikeyan
As recorded by the court registry
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