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Judgment
Upon hearing the learned counsel for the applicant and perusing the material records of this case, I am prima facie satisfied about the correctness of the following:
| Sl.No. | ||
| 1 | Name of the lender | M/s.Sundaram Finance Limited |
| 2 | Name of the borrower | M/s.Skyway Roadlines Private Limited |
| 3 | Date of the loan agreement which contains the arbitration clause | 29.11.2022 |
| 4 | Loan amount | Rs.1,18,50,000/- |
| 5 | Number of instalments | 58 (Loan Period 60) |
| 6 | First instalment | 10.02.2023 |
| 7 | Last instalment | 10.11.2027 |
| 8 | Instalments paid so far | 44 paid |
| 9 | Number of instalments due | 14 monthly pending |
| 10 | Demand notice | 14.10.2025 |
| 11 | Details of reply | Nil |
| 12 | Rate of interest | 9.3122% p.a. |
| 13 | Amount claimed to be due | Rs.5837334.08/- as on 21.09.2026 |
| 14 | Particulars of arbitration proceedings | Undertakes to initiate arbitration |
| 15 | Particulars of the hypothecated asset mentioned in the schedule that is to be seized by the Party Receiver: (i) Model and make: (ii) Chassis number: (iii) Engine number: (iv) Registration number: (v) Any other particulars | 3 Nos of Leyland 5525 vehicles Chasiss No.MB1U1KHD1NPCT5650 Engine No.NCPZ132663 Reg.No.RJ-32-GD-0399 Chasiss No.MB1U1KHD2NPCT7200 Engine No.NCPZ134307 Reg.No.RJ-32-GD-0402 Chassis No.MB1U1KHD1NPCT7205 Engine No.NCPZ134311 Reg. No.RJ-32-GD-0403 |
The apprehension expressed by the applicant, namely, that the borrower is neither taking steps to clear the dues nor permitting the peaceful repossession of the vehicle, appears reasonable. It is just and necessary to appoint a Party Receiver to repossess the vehicle. Accordingly, the applicant's employee mentioned below is appointed as the Party Receiver to perform and carry out the tasks mentioned hereinafter in paragraph 3.
Name of the Party Receiver: Mr.Sumit Sharma
The Party Receiver is requested to perform the following and submit a report on the next date of hearing.
The Party Receiver shall repossess the hypothecated asset mentioned in Serial No. 15 in the tabular column from the custody of the respondent or wherever the vehicle/asset is found, and hand over the same to the applicant herein;
At the time of seizure, the Party Receiver shall make such inventories, including verification of the chassis number, engine number and the other particulars mentioned above, and shall also take such photographs and note down the place from which it is seized and submit a report that shall contain the above particulars;
If the Party Receiver apprehends or faces any resistance, protest or interference, the Party Receiver may request the jurisdictional police station or the higher police officials of the District, including the Deputy Superintendent of Police/Superintendent of Police, who shall, upon production of the web copy of this order, render protection/assistance to the Party Receiver for seizing the vehicle;
At the time of seizure and handing over the vehicle, or at any time sooner thereafter, it will be open to the respondent herein/borrower, or any person claiming through them, to enter into a settlement with the applicant. It will be open to the applicant either to accept only the pending dues, reschedule the balance, and hand over the vehicle, or to insist upon and accept the total amount due and hand over the vehicle, or to enter into any other lawful settlement between them, in which case it will be open to the applicant to immediately hand over the vehicle to the borrower on such terms as may be agreed between the applicant and the respondent.
If the vehicle is found in any locked or sealed premises, the Party Receiver may break open the lock and open any door, shutter or other enclosure and seize the vehicle.
The above direction also applies to the vehicles with reference to the opening of any lock of the door/side lock or any other locks provided for the vehicle. The Party Receiver may, in cases where the borrowers do not cooperate and hand over the key, engage towing vehicles/mechanics for the said purpose, and it will be the duty of the applicant to arrange the same.
It is made clear that all persons concerned, be it the applicant, the borrower, the jurisdictional police or any other authority, shall act on the web copy of the order without insisting on a certified copy of the order or a certified copy of the warrant as the veracity of this order is verifiable by logging in to https://hcmadras.tn.gov.in.
The mandate given to the Party Receiver for carrying out the repossession is until further orders, and the date given below in this order is the next hearing date of the application.
Notice to the respondent is returnable within six weeks. Private notice is also permitted.
Call this matter on 24.11.2026.