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Judgment
The Court : In this application on July 3, 2018 this Court passed an order appointing the Joint Receivers to take possession of the 69 hypothecated
assets mentioned in Annexure-‘C’ to the application from the concerned respondent. The said order dated July 3, 2018 was passed in presence
of the learned advocates representing the respondent no.1, the principal borrower who had obtained loan from the petitioner for acquiring the said 69
hypothecated assets.
However, from the report of the Joint Receivers filed before this Court on September 12, 2018, a copy whereof was served upon the erstwhile
advocate-on-record of the respondents, it appears that since the respondent no.1 and the other respondents did not disclose the present location of the
said 69 assets, they were unable to take possession of the same.
Thereafter, on September 17, 2018 and September 27, 2018 on the prayer of their learned advocates, an opportunity was granted to the respondents to
file an affidavit disclosing the present locations of each of the 69 assets and the hearing of this application was adjourned from time to time.
The respondents, however, did not file the said affidavit disclosing the present locations of the 69 assets. On October 3, 2018 when this application
was taken up for hearing, learned advocate who was appearing for the respondents sought for leave to retire from the matter. Under such
circumstances, this Court directed the Managing Director of the respondent no.1 and the respondent nos.2 and 3 to be present before this Court today.
Mr. Pancham Singh, the respondent no.2 who is also the Chairman of the respondent no.1 is alone present before this Court. However, the respondent
no.3 is not present before this Court. Let this application appear on October 11, 2018 when the respondent no.2, as the Chairman of the respondent
no.1 company shall file an affidavit, affirmed by himself, disclosing the present location of each of the 69 hypothecated assets mentioned in Annexure-
‘C’ to the application, possession of which could not be taken over by the Joint Receivers.
If any of the said hypothecated assets has been let out to any third party, the respondent no.2 in its said affidavit shall also disclose the particulars of
the company/persons to whom the said hypothecated assets have been let out, together with copies of all the documents in support thereof.
In the meantime, there shall be an order in terms of prayer (c) of the Notice of Motion in respect of the assets mentioned in Annexure-‘C’ to
the application. The respondent no.2, the Chairman of the respondent no.1 shall also be present before this Court on October 11, 2018.
The respondent nos.2 and 3 are brothers having same address. Accordingly, the respondent no.2 is directed to communicate the respondent no.3 to be
present before this Court on October 11, 2018, failing which the Court will be constrained to initiate coercive action against him.