KOTAK MAHINDRA FINANCE LIMITED Vs. PARASRAMPURIA SYNTHETICS LIMITED

JUDGEMENT

(1.) THE petitioners have filed this petition praying that the Court Receiver, High Court, Bombay or some other fit and proper person be appointed Receiver of the leased equipment described in the Schedule being Exhibit "a" to the petition with all powers under Order 40, Rule 1 of the Code of Civil Procedure, 1908 including the power to take actual and physical possession of the leased equipment more particularly described in Exhibit "a" to the petition and to hand over the same to the petitioners without any deposit or royalty.

(2.) THE petitioners have, in the petition as filed, also prayed for an order of injunction restraining the respondents, their servants, agents, officers, directors, representatives and/ or otherwise howsoever be restrained by an order and injunction of this Court from in any manner dealing with and/or disposing of and/or parting with possession and/or alienating and/or encumbering and/or creating third party right, title and interest in respect of the leased equipment more particular description of which is set out in the schedule being Exhibit "a" to the petition or any part thereof, and for interim and ad-interim reliefs in terms of prayers (a) and (b) above.

(3.) THE petitioners carry on business, inter alia, of leasing, having their registered office in Bombay. The respondents carry on the business of, inter alia, manufacturing and selling polyester filament yarn, polyester chips and cotton yarn. By an agreement dated August 16, 1994 (Exhibit B to the petition) executed by and between the petitioners as the owners and the respondents as the lessee, the petitioners gave on lease to the respondents the said leased equipment, namely, the DG set consisting of engine and alternator (Unit II) of Wartsila ABB make with the particulars set out and described in schedule Exhibit A to the petition, on terms and conditions as contained in the said Lease Agreement. The said agreement sets out the terms and condition with regard to the lease rentals, the right of the petitioners to terminate the agreement in the event of the respondents failing to pay the lease rentals and the right to recover back the possession of the leased equipment. It is the case of the petitioners that the title in the property remained with the petitioners only.