ORDER

% 25.01.2023

1. Aggrieved by the order dated 13th December, 2022 whereby again process was issued to the defendants in CS (COMM) 651/22 by the learned District Judge (Commercial Court) Central District, Tis Hazari and no receiver was appointed to re-possess the vehicle, the appellant prefers the present appeal.

2. A brief background of the case is that the respondents approached the appellant/Bank for financing a vehicle under the loan-cum-hypothecation scheme of the appellant/ Bank pursuant whereto the appellant sanctioned a loan of ₹15,61,500/- on 21st February, 2019 out of which an amount of ₹15,36,800/- was disbursed to the dealer ‘SRI DURGA AUTOMOBILES (A DIV OF LIDO COMMERCIAL CO. LTD’ on 25th February, 2019 after deducting the disbursement charges etc. Simultaneously, the vehicle namely ‘MAHINDRA XUV 500/W9’ bearing registration No. ‘DL-10CL-9218’ was hypothecated with the appellant/ Bank.

3. The respondents agreed to repay the said loan with interest @ 9.40 % in 60 Equated Monthly Instalments (EMIs) of ₹32,854/-. The respondents also agreed that in case of any default they would pay penalty as well.

4. Since the respondent defaulte