ORDER

% 25.01.2023 CM APPL. 2211/2023 Exemption allowed subject to just exception. FAO (COMM) 17/2023

1. Aggrieved by the order dated 14th December, 2022 whereby again process was issued to the defendants in CS (COMM) 1915/22 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 car under the loan-cum-hypothecation scheme of the appellant/ Bank pursuant whereto the appellant sanctioned a loan of ₹13,34,555/- on 28th January, 2020 out of which an amount of ₹12,48,640/-

was disbursed to the dealer ‘ALLIED MOTORS LIMITED’ on the same date after deducting the disbursement charges etc. Simultaneously, the vehicle namely ‘SELTOS/HTK PLUS SMARTSTRM G1.5 6MT’ bearing registration No. ‘RJ-40CB-0750’ 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 ₹26,034/-. The respondents also agreed that in case of any default they would p