Cholamandalam Investment and Finance Company Ltd. v. Akhilesh Singh
Case brief
What is this about?
Arbitration interim relief — appointment of party receiver for repossession of hypothecated commercial vehicle on loan default; ex parte disposal after service of notice; police-assisted seizure and break-open protocol; conditional restitution of asset upon clearance of dues. Court: High Court of Judicature at Madras; Judge: K.KUMARESH BABU; Applicant: M/s.Cholamandalam Investment and Finance Company Limited (counsel: R.Ashok Kumar for M/s.San Law Partners LLP); Respondent: Akhilesh Singh (no appearance); Vehicle: Tata Signa 5530 S TC BS-6 AC Sleeper Cabin, Chassis No.MAT828032PAB02699, Engine No.32B64270383, Regn. No.UP45AT9215.
What did the court decide?
Application allowed in substance: Mr.Himanshu Singh (Assistant Receivable Manager of the applicant) appointed as Party Receiver to seize and take custody of the hypothecated Tata Signa 5530 S TC BS-6 AC Sleeper Cabin vehicle from the respondent or wherever found, with local police assistance and break-open powers as directed; asset to be returned if the respondent pays the unpaid instalments/substantial dues to the applicant's satisfaction.