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Judgment
Ashis Kumar Chakraborty, J
The Court : This is an application under Section 9 of the Arbitration & Conciliation Act, 1996 as amended by Act 3 of 2016.
From the affidavit of service filed by the petitioner it appears that the petitioner forwarded copies of the application to both the respondents and the respondent no.1 has received the same. The respondent no.2, being the guarantor has refused to accept the application. Accordingly, this application is taken up for hearing in the absence of the respondents.
The petitioner claims that in terms of an agreement dated December 20, 2018 (hereinafter referred to as the said agreement) the respondent no.1 obtained financial accommodation to acquire the assets mentioned in paragraph 2 of the application which remains hypothecated to the petitioner. According to the petitioner, the respondent no.1 has failed to pay the monthly instalments and as such as on November 7, 2019 Rs.24,25,776/- 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 asset through a Receiver.
Considering the materials on record, I find that the petitioner substantiated a case for appointment of a Receiver.
Accordingly, Ms. Renuka Roy, Advocate of Bar Association(Room No.2) is appointed as the Receiver to take possession of the hypothecated asset mentioned in paragraph 2 of the application presently lying at Deoghar, Jharkhand.
The petitioner shall pay an initial remuneration of 2000 Gms. to the Receiver and shall also bear the travelling expenses of the Receiver for his visit to the relevant place in the state of Jharkhand. The petitioner shall provide her with a befitting accommodation at the relevant place.
Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the state of Jharkhand.
If necessary, the Receiver shall approach the Superintendent of Police of the concerned 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 the concerned district 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 January 13, 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.