VISHWANATH KHANNA Vs. RAM SWARUP RASTOGI AND SONS

JUDGEMENT

(1.) JUDGMENT -

(2.) THIS is an application under Section 41 read with Schedule II of the Arbitration Act 1940 read with Order 40 rule 1 and section 151 of the Code of Civil Procedure, praying for continuing the appointment/ appointing Shri Y. S. Srivastava Advocate Lucknow as receiver of Shilpi Theatre Lucknow during the pendency of the main petition under Section 20 of the Arbitratio Act with directions to the receiver to continue/take effeclive control of the said theatre and realise the total income of the cinema shows daily and to pay a sum of Rs. 5350.00 per week out of that income tothe respondents and to deposit the remaining amount in an account to be opened in a scheduled bank and to preserve the said amount with him to be available for the satisfaction of the claims of the p etitioner as may ultimately be found under the award which may be made by the arbitrator in the main case.

(3.) ORDER 40 Rule 1 of the Code of Civil Procedure empowers the court to appoint receiver of any property whether before or after decree where it appears to the court to bejust and convenient. The object of appointment of receiver is to enable persons who possess rights over property to obtain the benefit of those rights and to preserve the property pending realiation and secondly to preserve the property from some danger which threatens it. Ordinarily the court will not appoint receiver merely because it affords a more convenient method of obtaining payment.