L & T FINANCE LIMITED Vs. OM CONSTRUCTIONS

JUDGEMENT

(1.) IA No. 366/2015

(2.) HAVING heard the learned counsel for the petitioner, it is noticed that in view of the respondents default in payment of the loan amount, the petitioner has issued notice to the respondent terminating the agreement. In terms of clause 17 of the agreement, the petitioner has appointed the Arbitrator. The equipment stands hypothecated with the petitioner and under clause 14, the petitioner has rights to repossess the said equipment. In these circumstances, this Court hereby appoints Mr. Rajeev Singh, authorized representative of the petitioner, as a Receiver to repossess the aforementioned vehicle/asset/construction equipment of the make TATA HITACHI MODEL EX 200 HYDERALIC EXCAVATOR bearing Serial No. 200150646.

(3.) IN the event, the respondents make the payment of the entire outstanding loan amount, the Receiver shall release the said equipment to the respondents on superdari. The respondents are restrained from parting with the possession of, or selling or creating any third party interests in such equipment released to them on superdari.