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Judgment
This application has been filed to appoint employee of the applicant viz., Mr.Satendra Shukla, Area Receivable Manager, as Receiver to seize and take possession of the vehicle which is morefully described in the schedule to the Judges Summons which is lying in the custody of respondent or respondent’s men agents, servants from respondent’s premises or wherever found with Police aid and break open of premises if necessary.
The learned counsel appearing for the applicant would submit that the applicant had provided a loan to the respondent for the purchase of the vehicle viz., Model - SCHWING STETTER XCMG WHEEL LOADER ZL55GV, Chassis No. XUG005DGPNCB0179701, Engine No. 1022A000561, and bearing Registration No. CG-04-NV-2550 and also a Loan Agreement had also been entered by the respondent with the applicant on 31.08.2024. He would contend that there is some unremained installments that are to be made by the respondent and that in spite of repeated demands, the respondent had failed to regularize the default and had continued to not pay the EMIs. He would further submit that considering the facts of the case, the applicant had sought for an appointment of a party receiver which would be more effective.
I have considered the submissions made by the learned counsel for the applicant and also perused the materials placed on record.
Upon considering the facts and circumstances of the case and the submissions made by the learned counsel for the applicant, this Court is satisfied with the prayer sought for in this application and in fine, Mr.Satendra Shukla, Area Receivable Manager, is appointed as Party Receiver to seize and take possession of the asset viz., Model - SCHWING STETTER XCMG WHEEL LOADER ZL55GV, Chassis No. XUG005DGPNCB0179701, Engine No. 1022A000561, and bearing Registration No. CG-04-NV-2550 from the respondent or any place belonging to the respondent or wherever found and with whomsoever it is found. It is also made clear that if police help is required, the Party Receiver shall make a request to the local police station within whose jurisdiction the vehicle is found and on such request being made, the Station House Officer shall send the Police Personnel along with the Party Receiver to seize the vehicle. If break open of a lock is required, the Party Receiver shall do so in the presence of the police personnel who will counter sign the record evidencing the break open of the lock and to re-lock the premises. If the Party Receiver finds any difficulty with the jurisdictional police, he is at liberty to approach Superintendent of Police, who shall provide all necessary assistance to him at the time of seizure of the vehicle.
If the respondent makes good the unpaid installments or makes substantial payments of the dues to be paid to the satisfaction of the applicant, the applicant shall return the asset in the condition it was re-possessed.
Notice to the respondent returnable by six(6) weeks. Private notice is also permitted through speed post with acknowledgment due.
List this case after six(6) weeks.