India Infoline Finance Limited v. T M Technique And Comfort India Pvt Ltd

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 420/2016 INDIA INFOLINE FINANCE LIMITED ..... Petitioner Through: Mr. Rajat Katyal with Ms.Ankita Goyal, Advocates.

versus T M TECHNIQUE AND COMFORT INDIA PVT LTD ..... Respondent CORAM: JUSTICE S.MURALIDHAR

O R D E R

% 25.10.2016 IA No. 13289/2016 (for exemption)

1. Allowed subject to all just exceptions.

2. This petition under Section 9 of the Arbitration and Conciliation Act, 1996 ('Act') seeks the appointment of a representative of the Petitioner Company as a Receiver to take possession of the following equipments from the Respondents.

Sl.No.

Asset Unit Brand 1.

CT Scanner, Srl.No. EP16E110019 with UPS Srl. No. 1011000063, Transformer Srl.No.

1102000025, Workspace Srl.No. 14704 Philips

2.

Ventilator (Model V200) Srl.No. 229, 230, 231, 232,233,234, 235, 236, 237 & 238 with accessories Philips 3.

Multichannel Patient Monitor System Philips 4.

Measurement module and patient monitor Philips 5.

Pulse Oximeter Philips 6.

Monitor Philips

3. The averments in the petition duly supported by an affidavit and documents are that the Petitioner Company had sanctioned loan facilities of Rs. 1,33,77,934 to the Respondent for purchase of the aforementioned equipments under a Loan-cum-Hypothecation Agreement. The loan was to be repaid, along with interest, in 60 monthly instalments.

4. It is further averred that the Respondents defaulted in repayment of the loan amount. The Petitioner, accordingly, terminated the loan facility and notices were sent on 8th April 2016. However, the Respondents did not pay the outstanding amount. The total amount overdue as on 18th October, 2016 was Rs. 1,91,21,877.

5. In the facts and circumstances noted above, the Court appoints Mr. Kushal Madhogaria, Manager of the Petitioner, as a Receiver to repossess the aforementioned equipments.

6. In the event, the Respondent makes the payment of the entire outstanding loan amount, the Receiver shall release the said equipments to the Respondent

on superdari. In that event, the Respondent will not part with the possession, or sell or create any third party interest in the equipments released to it on superdari.

7. The SHO/in-charge of the police station concerned is directed to render necessary aid and assistance to the Receiver. After taking over possession, the Receiver shall preserve and maintain the said equipments till further orders of this Court or any other Court of competent jurisdiction or of the Arbitrator.

8. This order shall remain in force till either the Respondent makes the payment of the loan amount or till it is modified by the learned Arbitrator during arbitration proceedings or till the termination of the arbitration proceedings.

9. The learned Arbitrator will decide the disputes referred for arbitration uninfluenced by the present order.

10. The Respondent is also at liberty to apply to the learned Arbitrator for modification of this order.

11. The petition is disposed of in the above terms. Order be given dasti. S.MURALIDHAR, J OCTOBER 25, 2016 Rm