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Judgment
Ashis Kumar Chakraborty, J
The Court : This is an application under Section 9 of the Arbitration and Conciliation Act, 1996.
A copy of the application has been served upon the respondents but they remain unrepresented. Accordingly, the application is taken up for hearing in their absence.
It is the case of the petitioner that in terms of an agreement dated July 15, 2017 the respondents obtained a financial accommodation of Rs.28,00,000/- to acquire the asset mentioned in paragraph 4 of the application which remained hypothecated with the petitioner. petitioners have filed an affidavit stating that the arbitral proceedings shall be held in Kolkata only.
It is asserted by the petitioner that respondents have failed to pay monthly instalments towards repayment of the financial accommodation obtained from the petitioner. As on November 11, 2019, Rs. 27,75,782.95/- remained outstanding from the respondents to the petitioner and in spite of repeated requests respondents have failed to repay the said sum of Rs.27,75,782.95/- or any part thereof to the petitioner. The petitioner has, therefore, terminated the said agreement and has filed this application to take possession of the hypothecated asset presently lying at Arambagh in the state of West Bengal.
Considering the facts of the case, I find that the petitioner has made substantial grounds for obtaining interim protection.
Accordingly, Mr. Saptarshi Bhattacharjee, Advocate of 6, Old Post Office Street, Room No. 58A is appointed as the Receiver who will take possession of the hypothecated asset mentioned in paragraph 4 of the application presently lying at Arambagh in the district of Hooghly, West Bengal. The petitioner shall pay an initial remuneration of 1800 GMs. to the Receiver. The petitioner shall also arrange for the travelling of the Receiver to the relevant place in the district of Hooghly.
Needless to mention a competent officer of the petitioner shall all along accompany the Receiver.
If necessary, the Receiver shall approach the Superintendent of Police, Hooghly District for obtaining police assistance to implement this order. If the petitioner deposits the requisite fees with the concerned authorities, the Superintendent of Police of Hooghly district shall render necessary police assistance to the Receiver to take actual physical possession of the hypothecated asset from the concerned respondent.
The respondents are directed to forthwith inform the petitioner of the present whereabouts of the hypothecated asset.
Let, this application appear, under the same heading, on February 3, 2020. The Receiver shall file his report on the next date of hearing.
Urgent certified website copies of this order, if applied for, be supplied to the petitioner upon compliance with all requisite formalities.
The Receiver and all concerned parties, including the police Authorities shall act on certified website copies of this order.