Arb Appln.No.170 of 2023

Arb Appln.No.170 of 2023

KRISHNAN RAMASAMY, J.,

This application has been filed seeking for a direction to appoint

employee of the applicant viz., Mr.Sabu K., BA, LLB, Area Legal

Manager, as Receiver to seize and take possession of the vehicle which is

morefully described in the schedule to the Judges summons which is

lying in the custody of respondent or respondents' men, agents, servants,

from respondent premises or wherever found with police aid and break

open of premises if necessary.

2. The learned counsel appearing for the applicant would submit

that the applicant provided loan to the respondent for purchase of the

vehicle viz., Eicher Pro 2055 bearing Engine No.E446CDMD017986,

Chassis No.MC2EECRC0MD491391 and Registration No.KL-65-R-

1995. Thereupon, the respondent has entered into Loan Agreement dated

16.07.2021 with the applicant. The brief details in nutshell are as

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Arb Appln.No.170 of 2023

follows:

S.No.

Particulars

Remarks

1.

Name of the lender

The applicant

2.

Name of the borrower

The respondent

3.

Date of Loan Agreement

16.07.2021

4.

Loan Amount

Rs.21,90,510/-

5.

No.of installments

58 monthly installments

6.

First installment

20.08.2021

7.

Last installment

20.05.2026

8.

So far installment paid

16

9.

Notice

09.12.2022

10.

Reply to the notice

No

11.

Amount claimed

Rs.14,09,754.76

12.

Arbitration proceedings initiated

Undertaking to initiate

3. The learned counsel for the applicant further submits that the

respondent, having availed the loan, failed to repay the same and

defaulted from 17^th installment. He would submit that the hypothecated

vehicle is a movable asset and if it is kept in idle condition, it would get

damaged and its value also gets deteriorated and hence he would urge

this Court to appoint an Advocate Commissioner to seize and handover

the vehicle to the applicant bank morefully described in the schedule to

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Arb Appln.No.170 of 2023

the Judges summons available at the respondents premises, in order to

make the security effective and the money in dispute in arbitration is

fully secured by way of sale of the vehicle in public auction after

following due process of law.

4. After the filing of this application, both Court notice and private

notice was ordered to the respondent. The Court notice was served and

the private notice was returned with an endorsement “Addressee cannot

be located”. Despite the service of notice to the respondent and printing

of name of the respondent in the cause list, none appeared on behalf of

the respondent, which shows that he has no interest in contesting this

matter.

5. Upon considering the facts and circumstances of the case and

the submissions made by the learned counsel for the applicant, this

Court is satisfied that the applicant has made out a case in its favour and

accordingly, Ms.R.Saraswathi, Advocate, Women Lawyers' Association,

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Arb Appln.No.170 of 2023

High Court, Chennai 600 104, Mobile No.9042025076, is appointed as

the Advocate Commissioner to seize the vehicle, viz., Eicher Pro 2055

bearing

Engine

No.E446CDMD017986,

Chassis

No.MC2EECRC0MD491391 and Registration No.KL-65-R-1995, lying

at the respondents' premises or wherever found and hand over the same

to the custody of the applicant. She shall be paid her initial remuneration

of Rs.30,000/- (Rupees Thirty Thousand only) in advance. The expenses

toward her travel and stay shall be defrayed by the applicant. The said

initial remuneration shall be paid to the Advocate Commissioner within a

period of two weeks from the date of receipt of communication from her.

6. It is hereby made clear that if police help is required, the

Advocate Commissioner shall make a request to the local police station

within whose jurisdiction the vehicle is found and on such request being

made, the Station House Officer s