Yes Bank Limited vs Surendra Singh

Ashis Kumar Chakraborty, J

The Court : This is an application under Section 9 of the Arbitration & Conciliation Act, 1996, a copy of the application has been served upon the respondent but the respondent remains unrepresented. Accordingly, the application is taken up for hearing in the absence of the respondent.

It is the case of the petitioner that in terms of an agreement dated April 23, 2019 (hereinafter referred to as "the said agreement") the respondent obtained financial accommodation for acquiring an equipment, described in paragraph 4 of the application which remains hypothecated in favour of the petitioner. The said agreement also contains an arbitration clause contemplating adjudication of all disputes between the parties herein through arbitration. According to the petitioner, the respondent has failed to pay the monthly instalments in terms of the said agreement and as on December 2, 2019, Rs.13,78,238/-remains due and owing by the respondent to the petitioner. in spite of repeated requests, the respondent has refused to pay the said amount or any part thereof to the petitioner. Thus, the petitioner claims to have terminated the said agreement and it has filed the present application for recovery of the asset, described in paragraph 4 of the application through appoint of Receiver.

Considering the materials on record, I am satisfied that the petitioner has substantiated cause for obtaining an interim protection in respect of the hypothecated asset, described in Paragraph 4 of the application, presently lying at Rajarhat in the District of North 24-Parganas.

Accordingly, Mr. Soumen Ghosh, Advocate, 10, Old Post Office Street, Right Wing, 3rd Floor, Kolkata-700 001, is appointed the Receiver to take possession of the hypothecated asset, described in Paragraph 4 of the application from the respondent. After taking possession of the hypothecated asset, the Receiver shall keep the same, in his custody, at a safe place to be provided by the petitioner.

The Receiver shall be paid an initial remuneration of 1800 GMs by the petitioner. The petitioner shall also arrange for the visit of the Receiver at the relevant places in the District of North 24-Parganas. Needless to mention that a competent officer of the petitioner shall all along accompany the Receiver in the District of North 24-Parganas.

If necessary, the Receiver shall approach the concerned Joint Commissioner of Police, Bidhannagar Commissionerate for obtaining police assistance to implement this order. If the petitioner deposits the requisite fees with the concerned authorities, the Police Authorities, including the Officer-in-Charge of the concerned Police Station render necessary police assistance to the Receiver to take actual physical possession of the hypothecated asset from the respondent.

The application is made returnable on February 17, 2020.

The Receiver shall file his 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.