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Judgment
Ashis Kumar Chakraborty, J
Mr. Satarup Banerjee, Ms. S. Das, Mr. Suman Chatterjee, advs…for the petitioner.
The Court : This is an application under Section 9 of the Arbitration & Conciliation Act, 1996, as amended by Act 3 of 2016(in short “the Act of
1996â€).
From the affidavit of service filed by the petitioner it appears that copies of the application have been served upon the respondents. The respondents,
however, remain unrepresented. The petitioner has filed a supplementary affidavit making a statement that the arbitral proceeding shall be held in
Kolkata, within the jurisdiction of this Court. Thus, this application is taken up for hearing in the absence of the respondents.
The petitioner claims that in terms of an agreement dated May 12, 2018 (hereinafter referred to as “the said agreementâ€) the respondent no.1
obtained financial accommodation to acquire the assets mentioned in paragraph 4 of the application which remains hypothecated with the petitioner.
The respondent no.2 as the guarantor is a party to the said agreement which also contains an arbitration agreement. According to the petitioner, the
respondent no.1 has failed to pay the monthly instalments and as such as on November 11, 2019 Rs.27,02,322.79 became due and owing by the
respondent no.1 to the petitioner. In spite of demands the respondent no.1 has failed to pay the said outstanding dues. Thus, the petitioner has
terminated the said agreement and filed this application for taking possession of the hypothecated assets through a Receiver.
Considering the materials on record, I find that the petitioner substantiated a case for appointment of a Receiver. Accordingly, Ms. Hasi Saha,
Advocate of Bar Association (Room No.12) is appointed as the Receiver to take possession of the hypothecated asset mentioned in paragraph 4 of
the application presently lying at Dunlop, Kolkata in the State of West Bengal.
The petitioner shall pay an initial remuneration of 2000 Gms. to the Receiver. The petitioner shall also bear the travelling expenses of the Receiver.
Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the state of West Bengal.
If necessary, the Receiver shall approach the Superintendent of Police of Kolkata Police for obtaining police assistance to implement this order. If the
petitioner deposits the requisite fees with the concerned authorities, the Superintendent of Police of Kolkata Police shall render necessary police
assistance to the Receiver to take actual physical possession of the hypothecated asset from the respondents.
The matter is made returnable on March 2, 2020.
The Receiver shall file her report on the next date of hearing.
All parties, including the Receiver and the concerned police authorities shall act on the copy of the certified website copy of this order.