Arb Appln.No.158 of 2023

Arb Appln.No.158 of 2023

KRISHNAN RAMASAMY, J.,

This application has been filed seeking for a direction to appoint

an Advocate Commissioner to visit the respondent premises, other areas

which is occupied by the respondent and any other premises of the

respondent along with Local Police protection to break open if necessary

and to seize and take custody of the vehicle hypothecated with applicant

being Motor Car (LMV) bearing No.MH12MR9881, Model Mercedes

Benz GLA200CDI specifically described in the schedule to the Judges

summons and hand them over to the applicant pending final adjudication

of the dispute between the parties through arbitration.

2.

The learned counsel appearing for the applicant would

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

the vehicle Motor Car (LMV) bearing No.MH12MR9881, Model

Mercedes Benz GLA200CDI. Thereupon, the respondent has entered

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Arb Appln.No.158 of 2023

into Loan Agreement dated 22.03.2021 with the applicant. The brief

details in nutshell are as follows:

S.No.

Particulars

Remarks

1.

Name of the lender

The applicant

2.

Name of the borrower

The respondent

3.

Date of Loan Agreement

22.03.2021

4.

Loan Amount

Rs.16,00,000/-

5.

No.of installments

58 monthly installments

6.

First installment

18.04.2021

7.

Last installment

18.01.2026

8.

So far installment paid

22

9.

Notice

13.03.2023

10.

Reply to the notice

No

11.

Rate of interest

10.5497% p.a.

12.

Amount claimed

Rs.11,68,022.44

13.

Arbitration proceedings initiated

Applicant undertakes to initiate

arbitral proceedings within a

period of 90 days.

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

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

defaulted from 23^rd 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

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Arb Appln.No.158 of 2023

this Court to appoint an Advocate Commissioner to seize and handover

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

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. The Court notice was served and

the private notice was returned as unclaimed. 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

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Arb Appln.No.158 of 2023

accordingly, Mr.T.M.Ramalingam, Advocate, No.163, Additional Law

Chambers, High Court Campus, Chennai 600 104, Mobile

No.9444211693, is appointed as the Advocate Commissioner to seize the

vehicle, viz.,Motor Car (LMV) bearing No.MH12MR9881, Model

Mercedes Benz GLA200CDI, lying at the respondent's premises or

wherever found and hand over the same to the custody of the applicant.

He shall be paid his initial remuneration of Rs.30,000/- (Rupees Thirty

Thousand only) in advance. The expenses toward his 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 him.

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

Advocate Commission