Arb Appln.No.169 of 2023

Arb Appln.No.169 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 2080 bearing Engine No.E446CDMC016966,

Chassis No.MC2EMDRC0MC488892 and Registration No.KL-84-8147

Thereupon, the respondent has entered into Loan Agreement dated

31.08.2021 with the applicant. The brief details in nutshell are as

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Arb Appln.No.169 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

31.08.2021

4.

Loan Amount

Rs.22,79,886/-

5.

No.of installments

58 monthly installments

6.

First installment

28.09.2021

7.

Last installment

28.06.2026

8.

So far installment paid

15

9.

Notice

04.03.2023

10.

Reply to the notice

No

11.

Amount claimed

Rs.14,98,862.94

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 16^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.169 of 2023

the Judges summons available at the respondent's 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. 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.S.Manjula, Advocate, No.333, II Phase, II Floor, New

Addl.Law Chambers, High Court, Chennai 600 104, Mobile

No.9841031719, is appointed as the Advocate Commissioner to seize the

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Arb Appln.No.169 of 2023

vehicle, viz., Eicher Pro 2080 bearing Engine No.E446CDMC016966,

Chassis No.MC2EMDRC0MC488892 and Registration No.KL-84-8147,

lying at the respondent's 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 shall send the Police Personnel along

with the Advocate Commissioner to