Axis Bank Ltd v. Sujatha Ankolu

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 23-01-2025

CORAM

THE HONOURABLE MR JUSTICE P.B. BALAJI Arb Appln No. 95 of 2025 Axis Bank Ltd Rep. by its Deputy Manager Selvaraj No. 31, 2nd Floor, South Mada Street, Mylapore, Chennai 600 004.

Applicant Vs Sujatha Ankolu (Borrower) Flate No.114 Sri Hari Nivas Seshadri Block Beside Tagore Rice Mil, Nagaralu Guntur, Andhra Pradesh 622 034, India and another Respondent For Applicant: Mr.R.Prathap Kumar * * * * *

ORDER

This application has been filed seeking appointment of a Receiver viz., Mr.Varaganti Kumar, Employee Code 347926 currently designated as Senior Manager in the applicant company having its office at Axis Bank Limited, CPC-Nellore, 22/1223/A1, 2nd Floor, G.T.Road, Nellore 624 003, Mobile: +91 9014456781, as Receiver to seize, take possession of the seized asset and deliver the asset being TATA CAT C PLUSTATA SAFARI XT PLUS DARK bearing Chassis No:

MAT631587NWF57493, fitted with Engine No. 463438854185230, 1/4

Registered as AP39NM7722 with all accessories fitted to the asset from the respondent or wherever it is found and deliver it to the applicant with police aid and to break open of the premises, if necessary.

2. Heard Mr.R.Prathap Kumar, learned counsel for the applicant. 3.The respondent entered into a loan agreement with the applicant Company dated 20.07.2022 for purchase of the asset, more fully described in the schedule to the Judges Summons. Under the loan agreement, the total loan amount of Rs.21,98,964/- was repayable by the respondent to the applicant in 84 monthly installments at 8% interest per annum, commencing from 10.08.2022 to 09.10.2024. 4.The learned counsel appearing for the applicant would contend that the respondent was irregular in making the payment of instalments and that in spite of repeated demands, the respondent had failed to regularize the default and had continued not to pay the EMIs. He would further submit that Section 21 notice has also been served on the respondent. He would further submit that considering the value of the amount to be recovered from the respondent, the applicant had sought for 2/4

an appointment of a party receiver which would minimize the expenditure to the applicant and the respondent would also be benefited.

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 with the prayer sought for in this application. Accordingly, this application is ordered with the following directions: a) Mr.Varaganti Kumar, Employee Code 347926 currently designated as Senior Manager in the applicant company having its office at Axis Bank Limited, CPC-Nellore, 22/1223/A1, 2nd Floor, G.T.Road, Nellore 624 003, Mobile: +91 9014456781, is appointed as a Party Receiver to repossess the asset, which is more fully described in the schedule to the Judges Summons from the respondent or wherever it is available and handover the same to the applicant by way of interim custody. Registry is directed to hand over the order to the learned counsel for the Applicant.

b) The Party Receiver is permitted to obtain police aid and break open the premises in case the seized asset is kept in a locked premises in the presence of the Police, after taking proper inventory; 3/4

P.B.BALAJI, J.

(sra) c) If break open of a lock is required, the Party Receiver shall do so in the presence of the police personnel who will counter sign the record evidencing the break open of the lock and to re-lock the premises. d) If the Party Receiver finds any difficulty with the jurisdictional police, he is at liberty to approach Superintendent of Police, who shall provide all necessary assistance to him at the time of seizure of the asset.

6. Notice to the respondent returnable by 19.02.2025. Private Notice is also permitted.

7. Post the matter on 19.02.2025 under the caption 'for reporting compliance'.

23.01.2025 sra Arb.Appln.No.95 of 2025 4/4