SRF FINANCE LIMITED Vs. PRAKASH INDUSTRIES LIMITED

JUDGEMENT

(1.) IN view of the judgement in S. NO. 184/1997, I find that the case as made out by the petitioner warrants the appointment of a Receiver under Section 9 of the Act, to take possession of the leased plant and equipment and for the said purpose I direct that Shri Venkata Ayer, Manager of the petitioner company who was already appointed as the Receiver vide order dated 22.10.1998 passed in this case as the Receiver for the purpose of this order allowing the present petition. He will stand duly authorised to seize and take possession of the plant and machinery in question described as "Heavy Structural Rolling Mills" and installed in the factory of respondent no.1 at Champa , District, Bilaspur (MP) where it is stated to be lying, or from any other place where it may be found/ available. The Receiver shall stand duly empowered to take all necessary steps and actions for removal/ detachment of the said plant and equipment from the fastening in the foundation/floor and/or from any other connected machinery and equipment which may be other than or beyond the leased plant and equipment. The Receiver will be entitled to enter any premises for the said purposes by opening or breaking of any locks or door/obstruction of any kind whatsoever. He shall prepare an inventory of the plant and equipment alongwith accessories which are so seized and removed from the said premises. The Receiver will obtain atleast five photographs from different angles both before and after carrying out his functions. He will be entitled to take away and/or remove the said plant and equipment to any other premises belonging to the petitioner and will ensure that the said plant and equipment is properly preserved by adopting all required means and measures for ensuring that the said plant and equipment is kept safe both in the sense of remaining intact and as regards the condition thereof at the time of taking possession. The Receiver will be entitled to avail the assistance of the local police authorities, who will extend necessary assistance and protection upon request being made in that behalf by the Receiver. Upon relocating the plant and equipment Receiver will inform this Court and the respondent about the location and details of arrangements regarding upkeep thereof including expenditure thereon.

(2.) THE petition stands disposed of as allowed; Parties are however left to bear their own costs.