JUDGMENT :

This is an application filed by the petitioner, a Non-Banking Financial Company (NBFC) for appointment of a Receiver for making inventory of and taking possession of the hypothecated assets under two agreements executed between the parties on 28th June, 2019. The application has been filed in a suit for a money decree and for sale of the hypothecated assets described in the Schedule to the plaint.

2. The respondent company owns a tea garden in Silchar, Assam. The facts culminating in the prayer for appointment of Receiver arises out of business loans advanced by the petitioner to the respondent amounting approximately to Rs.2.50 crores against hypothecation of assets of the respondent under a Loan Agreement and a Deed of Hypothecation. The loan facility was extended by the petitioner to the respondent with an agreed rate of interest of 12% which would be increased to 18% in the event of default on the part of the respondent in repayment of the loan. Under the first agreement, in the event of default, the lender (petitioner) was entitled to take possession of and recover and sell by public auction or private contract the goods which formed part of the assets hypothecated in