L & T Finance Limited v. Zillion Infraprojects Pvt Ltd

$~16 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 482/2017 L & T FINANCE LIMITED ..... Petitioner Through: Mr.P.K.Bhalla, Adv.

versus ZILLION INFRAPROJECTS PVT LTD.

..... Respondent Through:

CORAM:

HON'BLE MR. JUSTICE NAVIN CHAWLA

O R D E R

% 23.11.2017 IA 13771/2017 Exemption allowed subject to all just exceptions. OMP(I)(COMM) 482/2017 The petitioner submits that the petitioner had entered into Vendor Finance Facility Agreement with the respondent whereunder pre-shipment and post-shipment Bill Discounting Facility has been granted to the respondent. It is submitted that as on date, an amount of Rs.16,17,53,493/- towards principle, interest, penal interest and other dues is payable by the respondent to the petitioner. By notice dated 12th August, 2017, the petitioner has recalled the loan facility and, therefore, the above amount has become due and payable. It is further contended that the respondent has also hypothecated 118 vehicles/equipments as security for the loan facility granted in its favour. It is submitted that the petitioner is in the process of invoking the arbitration.

Counsel for the petitioner further places reliance on the order dated 8th August, 2008 passed by this Court in FAO(OS) No.335/2008 titled Citicorp Finance India Ltd. vs. Varender Swaroop; order dated 12th April, 2017 passed in CM(M) No.385/2017 titled ICICI Bank Ltd. vs. Adesh Kumar; order dated 10th December, 2014 in OMP 1572/2014 titled L and T Finance Ltd. vs. Rati Ram Yadav and order dated 4th August, 2017 passed in CM(M) No.825/2017 titled ICICI Bank Ltd. vs. Kissan Petro Oil Pvt. Ltd. & Anr. and other connected petitions to contend that in case if the Receiver is not appointed, the petitioner would suffer grave irreparable loss. Keeping in view the submissions made above along with the averments made in the petition and the documents filed on record, I hereby appoint Mr.Amit Sharma, Officer of the petitioner as the Receiver for taking over the possession of the hypothecated equipment/vehicles as detailed hereinbelow:- S.No MAKE MODEL REG.NOS/SR.NOS 1.

ACE 12 XW HR-74-3080 2.

ACE 14 XW HR-55-L-3881 3.

ACE 14 XW HR-55-L-3882 4.

ACE 14 XW HR-55-L-3884 5.

ACE ZOOMLION QUT 70 6.

ACE 12 XW AS-26-C-0587 7.

ACE 12 XW AS-26-C-0588 8.

ACE 14 XW HR-55-K-6691 9.

ACE 14 XW HR-55-K-6692 10.

ACE ZOOMLION QUT 70 11.

ACE 12 XW HR-74-2840 12.

ACE 12 XW HR-74-3079 13.

ACE 12 XW HR-74-3101 14.

ACE 14 XW HR-55-L-3881 15.

ACX 750 ACE 110081 16.

ACX 750 110087

17.

ACE ZOOMLION QUT 70 18.

ACE 12 XW HR-74-3078 19.

ACE 12 XW HR-74-3102 20.

ACE ZOOMLION QUT 70 21.

ACE ZOOMLION QUT 70 22.

ACE 12 XW HR-74-3106 23.

ACE 14 XW HR-55-L-3820 24.

ACE 14 XW HR-55L-3883 25.

ACE ZOOMLION QUT 70 26.

ACE ZOOMLION QUT 70 27.

Hydra 12 Ton HR-29V-0850 28.

ACE 12 XW HR-74-2838 29.

ACE 12 XW HR-74-3081 30.

ACX 750 20112 31.

Zoomlion Quy 70 32.

ACE ZOOMLION QUT 70 33.

ACX 750 4120111 34.

ACE ZOOMLION QUT 70 35.

ACE 12 XW HR-74-3103 P & H crane-335 1980 (purchased in 2007) J-23471 36.

P & H crane-335 1992 (purchased in 2010) J-21999 38.

ACX 750 100080 39.

P & H crane-335 J-18054 40.

ACE ZOOMLION QUT 70 41.

ACX 750 110088 42.

ACE ZOOMLION QUT 70 43.

HYDRA 61016234 44.

HYDRA 61016216 45.

HYDRA 61016201 46.

HYDRA 61016215 47.

HYDRA 61016083 48.

HYDRA 61016042 49.

HYDRA 11015608 50.

HYDRA 11015578 51.

HYDRA 11015304 52.

HYDRA 11015367 53.

HYDRA 381338 54.

HYDRA 381205 55.

HYDRA 189473 56.

HYDRA 189472 57.

HYDRA 177289 37.

58.

HYDRA 371103 59.

HYDRA 179173 60.

HYDRA 179172 61.

HYDRA 371130 62.

HYDRA 179105 63.

HYDRA 179087 64.

HYDRA 179036 65.

HYDRA 179003 66.

HYDRA 178939 67.

HYDRA 178940 68.

HYDRA 178827 69.

HYDRA 178730 70.

HYDRA 370774 71.

HYDRA 178459 72.

HYDRA 178458 73.

HYDRA 370793 74.

HYDRA 177519 75.

HYDRA 177458 76.

HYDRA 177570 77.

HYDRA 166591 78.

HYDRA 166764 79.

HYDRA 166532 80.

HYDRA 176967 81.

HYDRA 165314 82.

HYDRA 166310 83.

HYDRA 166230 84.

HYDRA 166311 85.

HYDRA 166709 86.

HYDRA 166465 87.

HYDRA 166858 88.

HYDRA 165076 89.

HYDRA 153388 90.

HYDRA 153050 91.

HYDRA 154252 92.

HYDRA 165133 93.

HYDRA 166821 94.

HYDRA 61117079 95.

HYDRA 61116735 96.

HYDRA 61117745 97.

HYDRA 61117744 98.

HYDRA 61117719 99.

HYDRA 61117718

100. HYDRA 61117563

101. HYDRA 61117562

102. HYDRA 61117062

103. HYDRA 61118017

104. HYDRA 61118016

105. HYDRA 6120419879

106. HYDRA 6120419880

107. HYDRA 6120419917

108. HYDRA 6120419918

109. HYDRA 6120419919

110. HYDRA 6120419920

111. HYDRA 61016115 P & H crane-335 1981 (purchased in 2006) J-12372 112.

P & H crane-335 1980 (purchased in 2006) J-77779

114. P & H crane-335 2007 (J-23168) 113.

P & H 75 MT Tyre Mounted Crane 2008 (HR-38R-7868) 115.

Groove TMS-475-50 MT-Tyre Mounted Crane 2008 (HR-38 N-8832) 116.

P & H Crane-60 Tonn Crawler lattice boom 2008 (HR38p0113) 117.

118. Zoomlion QUY 70 The Receiver, while taking possession of the subject vehicles/equipments, will ensure that the due courtesies are extended to the respondent. The Receiver will also keep in mind the time and place when the vehicles/equipments are taken possession of. If, at the time of taking possession, the respondents were to pay the sums, which are due and payable, then the Receiver will issue a receipt in that behalf to the respondent and release the vehicles/equipments on superdari to it. In case the police assistance is required, the Receiver will approach the Station House Officer of the nearest Police Station, who, in such eventuality, shall render assistance to enable compliance

in the matter.

As noted above, counsel for the petitioner has submitted that the petitioner is in the process of invoking the arbitration. The present order would, therefore, remain in operation till either the respondent makes the payment of the loan amount or till this order is modified by the Arbitrator so appointed in terms of arbitration agreement. The petitioner would take steps for appointment of an arbitrator within a period of 90 days from the date of the present order. The Arbitrator is free to take his own decision uninfluenced by the order of this Court.

In view of the above, the petition is disposed of. Dasti.

NAVIN CHAWLA, J NOVEMBER 23, 2017 RN