Allowed

M/s. Cholamandalam Investment Finance Company Limited v. Mr.Sagar Rajendra Adhate

Madras HC24 Sept 2021Arb Appln/159/2021

Case brief

AI extract

What is this about?

In this interim order under the Arbitration and Conciliation Act, 1996, the High Court of Madras, relying on a prima facie case established by the applicant, appointed an employee of the finance company as a receiver to seize the respondent's vehicle upon default under a loan agreement, valid for six weeks.

What did the court decide?

Appointment of Mr. Rahul Govind Pawar as receiver to seize the respondent's vehicle (Royal Enfield Classic) for a period of six weeks.

M/s. Cholamandalam Investment Finance… — Contract and Commercial Disputes | Madras HC (2021)

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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(ORDINARY ORIGINAL CIVIL JURISDICTION)

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FRIDAY, THE 24TH DAY OF SEPTEMBER 2021

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THE HON'BLE MR. JUSTICE V.PARTHIBAN

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Arb.Appln. No.159 of 2021

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In the matter of Arbitration & Conciliation Act, 1996

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and

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In the matter of disputes between M/s.Cholamandalam Investment and Finance Company Ltd and Mr.Sagar Rajendra Adhate Arising under loan Agreement No.XVFPKRD00002280846 Dated 14.02.2018.

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M/s.Cholamandalam Investment and Finance Company Limited, No. 45, Justice Basheer Ahmed Sayeed Building, II Floor, 2^nd Line Beach, Moore Street, Parrys, Chennai-600 001. Represented by its Authorised Signatory ...Applicant

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Vs.

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Mr.Sagar Rajendra Adhate, S/o. Rajendra Adhate, AP-Kadegaon, TAL-Kadegaon, Sangli-District, Near Azad Chowk, Maharashtra-415304. ...Respondent

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Application praying that this Hon'ble Court be pleased to appoint

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the employee of the Applicant viz, Mr.Rahul Govind Pawar, Branch Legal Manager (VF), as Receiver to seize and take possession of the

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Vehicle which is more fully described in the schedule to the Judges Summons which is lying in the custody of respondent or respondent's men, agents, servants, from respondent premises or wherever found with Police aid and break open of premises if necessary.

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This application coming on this day before this court for hearing in the presence of Mr.D.Pradeep Kumar, Advocate for the Applicant herein, and the respondent herein not appearing in person or by advocate and upon reading the Judge's Summons and the affidavit of S.Sivasubramanian filed herein, it is ordered as follows:-

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That Mr.Rahul Govind Pawar, Branch Legal Manager(VF), of the applicant's company be and is hereby appointed as a receiver to seize the vehicle morefully set out in the schedule hereunder, covered under the contract and this order shall operate only for a period of six (6) weeks from the date of receipt of a copy of this Order and thereafter, this Order shall stand automatically cancelled.

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That the receiver appointed herein shall be entitled to seize and take possession of the vehicle from the respondent or their agents or any one in possession thereof.

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That if necessary the Receiver appointed herein, shall get police assistance and the Station House Officer of the Police Station concerned, within whose jurisdiction the vehicle is found, shall render requisite

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assistance for this purpose.

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That the order appointing the Receiver shall be served on the

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respondent by the applicant before the Receiver takes any action on the

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basis of this order.

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That the Arb.Appln. No.159 of 2021 do stand closed.

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SCHEDULE

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Royal Enfield Classic Gunmetal Grey, bearing Engine No. U3S5C1JA291924, Chassis No. ME3U3S5C1JA620118 and Registration No. MH-10-CY-0009.

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WITNESS THE HON'BLE MR. JUSTICE SANJIB BANERJEE, CHIEF JUSTICE, HIGH COURT AT MADRAS AFORESAID, THIS THE 24TH DAY OF SEPTEMBER 2021.

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ASSISTANT REGISTRAR (Comm. Cases)

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EVK 02/11/2021

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Arb.Appln. No.159 of 2021

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ORDER DATED : 24.09.2021

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THE HON'BLE MR. JUSTICE V.PARTHIBAN

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FOR APPROVAL:22.11.2021 APPROVED ON: 23.11.2021

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Copy to:- Mr.Rahul Govind Pawar, Branch Legal Manager(VF) Receiver, M/s.Cholamandalam Investment and Finance Company Limited, No. 45, Justice Basheer Ahmed Sayeed Building, II Floor, 2^nd Line Beach, Moore Street, Parrys, Chennai-600 001.

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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(ORDINARY ORIGINAL CIVIL JURISDICTION)

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FRIDAY, THE 24TH DAY OF SEPTEMBER 2021

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THE HON'BLE MR. JUSTICE V.PARTHIBAN

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Arb.Appln. No.159 of 2021

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In the matter of Arbitration & Conciliation Act, 1996

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and

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In the matter of disputes between M/s.Cholamandalam Investment and Finance Company Ltd and Mr.Sagar Rajendra Adhate Arising under loan Agreement No.XVFPKRD00002280846 Dated 14.02.2018.

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Vs.

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Mr.Sagar Rajendra Adhate, S/o. Rajendra Adhate, AP-Kadegaon, TAL-Kadegaon, Sangli-District, Near Azad Chowk, Maharashtra-415304. ...Respondent

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Application praying that this Hon'ble Court be pleased to appoint

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the employee of the Applicant viz, Mr.Rahul Govind Pawar, Branch Legal Manager (VF), as Receiver to seize and take possession of the

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This Application coming on this day before this court for hearing, the court made the following order:-

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This application has been filed for an interim measure of appointing a receiver to seize the vehicle.

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The respondent availed of a vehicle loan from the Applicant-

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company and executed a loan agreement No.XVFPKRD00002280846 dated 14.02.2018, for a sum of Rs.1,98,848/- along with interest to be paid in 57 installments and the first installment commenced from 15.03.2018 and the re-payments were to run till 15.11.2022. It is stated that as on 10.08.2021, a sum of Rs.1,66,806.56 is outstanding. In terms of the loan agreement executed by the respondent, the applicant/Finance company is entitled to re-possess the vehicle in the event of default committed by the respondent. It is also submitted that the continued use of the vehicle by the respondent would depreciate its value.

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The learned counsel for the applicant submitted that service has

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been completed on the respondent. From the Court records, it is seen that the respondent has been served notice and despite his name appeared in the cause list today, there is no appearance by him or anyone on his behalf.

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In the above circumstances, in consideration of the pleadings and the materials placed on record, this Court is convinced that the applicant has made out a prima facie case and balance of convenience is in favour of the applicant. Therefore, the named receiver in the application Mr.Rahul Govind Pawar, Branch Legal Manager(VF) of the applicant company is appointed as a receiver to seize the vehicle covered under the contract. This Order shall operate only for a period of six weeks from the date of receipt of a copy of this Order and thereafter, this Order shall stand automatically cancelled.

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The receiver will be entitled to seize and take possession of the vehicle from the respondent or their agents or any one in possession thereof. If necessary, the Receiver shall get police assistance and the Station House Officer of the Police Station concerned, within whose jurisdiction the vehicle is found, will render requisite assistance for this purpose.

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This Order of appointment shall be served on the respondent by

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the applicant before the receiver takes any action on the basis of this Order.

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Accordingly, this application is closed.

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Sd./-V.P.N.J. 24.09.2021

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//Certified to be true copy// Dated at Madras this the day of 2021.

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COURT OFFICER(O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.

M/s. Cholamandalam Investment Finance Company Limited v. Mr.Sagar Rajendra Adhate

Case brief

What is this about?

What did the court decide?

M/s. Cholamandalam Investment Finance Company Limited v. Mr.Sagar Rajendra Adhate

Case brief

What is this about?

What did the court decide?

What the court decided

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