M/S.Indusind Bank Ltd v. Kalaimahal College Of Ars And Science, Rep.By Its Chairman And Another
KRISHNAN RAMASAMY, J., This application has been filed seeking for a direction to appoint an Advocate Commissioner to seize and deliver the vehicle ASHOK LEYLAND GOODS TIPPER bearing Chassis No.MBIPBEYC8CEBH0710, Engine No.CEBEZ401798 bearing Registration No.TN25 AX 1454 to the custody of the applicant, available at the respondent premises or wherever found and with whomsoever it is found and permit the Advocate Commissioner to obtain police Aid and to break open the premises. 2.
The learned counsel appearing for the applicant would submit that the applicant provided loan to the respondent for purchase of the vehicle ASHOK LEYLAND GOODS TIPPER bearing Chassis No.MBIPBEYC8CEBH0710, Engine No.CEBEZ401798 bearing Registration No.TN25 AX 1454. Thereupon, the respondent has entered into Loan Agreement dated 31.10.2020 with the applicant. The brief details in nutshell are as follows:
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S.No.
Particulars Remarks 1.
Name of the lender The applicant 2.
Name of the borrower The Chairman, Kalaimahal College of arts and science 3.
Name of the Guarantor G.Jayaprakasam 4.
Date of Loan Agreement 31.10.2020 5.
Loan Amount Rs.11,00,000/- 6.
No.of installments 60 monthly installments 7.
First installment 31.10.2020 8.
Last installment 18.09.2025 9.
Default EMIs as on 24.01.2023 10 installments 10.
Notice 20.10.2022 22.12.2022 11.
Reply to the notice No 12.
Rate of interest 8.75% p.a.
13.
Amount claimed Rs.2,65,637/- 14.
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 10 instalments as on 24.01.2023. 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 2/6
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 the Judges summons available at the respondents 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. 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.V.Muthukamatchi, Advocate, Plot No.38, 3rd Cross Street, Behind A.R.Hospital, K.K.Nagar, Madurai 625 020, Enrollment No.2091/2007 and Contact No.9942755232 is appointed as the Advocate Commissioner to seize the vehicle, viz.,ASHOK LEYLAND GOODS TIPPER bearing Chassis No.MBIPBEYC8CEBH0710, Engine No.CEBEZ401798 bearing Registration No.TN25 AX 1454, lying at the respondents' premises or wherever found and hand over the same to the custody of the applicant. She shall be paid her initial remuneration of 3/6
Rs.15,000/- (Rupees Fifteen Thousand only) in advance. The expenses toward her travel and stay shall be defrayed by the applicant.
5. 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 seize the vehicle. If break open of a lock is required, the Advocate Commissioner 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. After seizure, the vehicle is to be handed over to the applicant or to their representative, after taking inventories.
6. Accordingly, this Application is disposed of.
7. List the matter on 28.02.2023 for filing report of the Advocate 4/6
Commissioner.
08.02.2023 nsa 5/6
KRISHNAN RAMASAMY, J., nsa 08.02.2023 6/6