M/s Veritas Finance Limited Rep By its Authorised Signatory Ms G Monika Vs Mr Manikandan E and another

¶1

Arb Appln No. 571 of 2026

¶2

IN THE HIGH COURT OF JUDICATURE AT MADRAS

¶3

DATED: 09-07-2026

¶4

CORAM

¶5

THE HON'BLE MR.JUSTICE K.KUMARESH BABU

¶6

Arb Appln No. 571 of 2026

¶7

M/s.Veritas Finance Limited, SKCL Central Square 1, South & North Wing, 7^th Floor, Unit C28-C35, CIPET Road, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai – 600 032. Rep. by its Authorised Signatory, Ms. G. Monika

¶8

..Applicant(s)

¶9

Vs

¶10

Manikandan E

¶11

Kala M

¶12

..Respondent(s)

¶13

Prayer: To pass an order of appointment of Mr. Gopalakrishnan S, Regional Legal & Recovery Manager (Vehicle Finance) of the applicant as a Receiver to seize the vehicle more particularly described in the schedule to the Judges Summon wherever stationed in the premises of the respondents or wherever it is found and with whomsoever it is found with powers to break open the premises and grant permission to the Receiver to obtain Police aid from the concerned Police Officer.

¶14

For Applicant(s) : Mr.A.Damodaran

¶15

For Respondent(s) : No appearance

¶16

__________ Page1 of 6

¶17

https://www.mhc.tn.gov.in/judis

¶18

Arb Appln No. 571 of 2026

¶19

ORDER

¶20

This application has been filed for an order of appointment of a Receiver

¶21

to seize and deliver the vehicle Model AL 31 1B 1L of Ashok Leyland, bearing Engine No.EVEZ417209 Chassis No.MB1KADWC2EEVP0177 and Registration No.TN 52 F 9279 available at respondents’ premises or wherever found and permit the Receiver to obtain police aid and to break open the premises.

¶22

The learned counsel appearing for the applicant would submit that the applicant provided a loan to the respondents for the purchase of the asset vehicle and also a Loan Agreement had also been entered by the respondents with the applicant on 23.10.2024. The brief details in nutshell are as follows:

¶23

S.No.	Particulars	Remarks
1	Name of the Lender	M/s.Veritas Finance Limited
2	Name of the Borrower	Manikandan E
3	Name of the Co-borrower	Kala M
4	Date of the Loan Agreement	23.10.2024
5	Loan amount	Rs.15,00,000/-
6	No. of installments	48 @ Rs.44,063/-
7	First installment	05.11.2024
8	Last installment	05.11.2028
9	Notice	10.02.2026
10	Reply to the Notice	Nil
11	Rate of interest	18.00%p.a.

¶24

__________ Page2 of 6

¶25

https://www.mhc.tn.gov.in/judis

¶26

Arb Appln No. 571 of 2026

¶27

12
13

¶28

12	Amount claimed	Rs.3,72,997/- as on 25.02.2026
13	Arbitral proceedings initiated	Yet to be initiated

¶29

The learned counsel for the applicant further submits that the respondents, having availed the loan, failed to repay the same. He would submit that the hypothecated vehicle is a movable asset and if it is kept in idle condition, it would get damaged and its value also gets deteriorated and hence he would urge this Court to appoint an Advocate Commissioner to re-possess the asset morefully described in the schedule to the Judges summons available at the respondents' premises, in order to make the security effective and the money in dispute in arbitration is fully secured by way of sale of the vehicle in public auction after following due process of law.

¶30

4. In spite of notice having been served on the respondents, the

¶31

respondents had neither chosen to appear before this Court in person nor is being represented by a counsel. The name of the respondents have been reflected in the cause-list. They were called absent and set ex parte .

¶32

5. I have considered the submissions made by the learned counsel for the applicant and also perused the materials placed on record.

¶33

Page3 of 6

¶34

https://www.mhc.tn.gov.in/judis

¶35

Arb Appln No. 571 of 2026

¶36

Upon considering the facts and circumstances of the case and the submissions made by the learned counsel for the applicant, this Court is satisfied that the applicant has made out a prima facie case in its favour. Accordingly, Ms.S.K.Subathra, Enrl.No.2701/2009, having her office at Women Lawyer’s Association, 1^st Floor, Additional Law Chamber, High Court Building, Chennai-600 104, (Mob. No. 96296-10740) is appointed as the Advocate Commissioner to seize the vehicle Model AL 31 1B 1L of Ashok Leyland, bearing Engine No.EVEZ417209 Chassis No.MB1KADWC2EEVP0177 and Registration No.TN 52 F 9279 to the custody of the applicant, available at the respondents’ premises or wherever found and with whomsoever it is found and hand over the same to the custody of the applicant. She shall be paid her initial remuneration of Rs.30,000/(Rupees Thirty Thousand Only) in advance. The expenses towards her travel and stay shall be defrayed by the applicant. The said initial remuneration shall be paid to the Advocate Commissioner within a period of two weeks from the date of receipt of communication from her.

¶37

It is hereby made clear that if police help is required, the Advocate Commissioner shall make a request to the local police station within whose jurisdiction the vehicle is found and on such request being made, the Station House Officer shall send the Police Personnel along with the Advocate Commissioner to seize the vehicle. If break open of a lock is required, the

¶38

Page4 of 6

¶39

https://www.mhc.tn.gov.in/judis

¶40

Arb Appln No. 571 of 2026

¶41

Advocate Commissioner shall do so in the presence of the police personnel who will counter sign the record evidencing the break open of the lock and to re-lock the premises. If the Advocate Commissioner find any difficulty with the jurisdictional police, she is at liberty to approach Superintendent of Police, who shall provide all necessary assistance to the Advocate Commissioner at the time of seizure of the vehicle. After the seizure, the vehicle is to be handed over to the applicant or to their representative, after taking inventories.

¶42

If the respondents make good the unpaid installments or make

¶43

substantial payments of the dues to be paid to the satisfaction of the applicant,

¶44

the applicant shall return the asset in the condition it was re-possessed.

¶45

With the above terms, this application stands disposed of.

09-07-2026

Maya

Copy to

Ms.S.K.Subathra, having her office at Women Lawyer’s Association, 1^st Floor, Additional Law Chamber, High Court Building, Chennai-600 104. (Mob. No. 96296-10740)

¶50

__________ Page5 of 6

¶51

https://www.mhc.tn.gov.in/judis

¶52

Arb Appln No. 571 of 2026

¶53

K.KUMARESH BABU, J.

¶54

Maya

¶55

Arb Appln No. 571 of 2026