M/S Tvs Credit Services Limited v. Mrs.Ram Devi

V.PARTHIBAN, J.

This application has been filed for an interim measure of appointing a receiver to seize the vehicle.

2. The respondent availed of a vehicle loan from the Applicantcompany and executed a loan agreement No.UP3040TR0003207 dated 06.02.2018, for a sum of Rs.4,11,114/- to be paid in 54 instalments and the first instalment commenced from 05.05.2018 and the re-payments were to run till 05.08.2022. It is stated that as on 09.03.2021, a sum of Rs.2,44,768/- is outstanding. In terms of the loan agreement executed by the respondent, the applicant/Finance company is entitled to re-possess the vehicle in the event of default committed by the respondent. It is also submitted that the continued use of the vehicle by the respondent would depreciate its value.

3. The learned counsel for the applicant submitted that service has been completed on the respondent.

4. Taking into consideration that the applicant has made out a prima facie case and balance of convenience is in favour of the applicant, Mr.Anuj Kumar, Field Collection Executive of the applicant company is appointed as a receiver to seize the vehicle covered under the contract. This Order shall operate only for a period of six weeks from the date of receipt of a copy of this Order and thereafter, this Order shall stand automatically cancelled.

5. The receiver will be entitled to take possession of the vehicle from the respondent or their agents or any one in possession thereof. If necessary, the Receiver shall get police assistance and the Station House Officer of the concerned Police Station, within whose jurisdiction the vehicle is found, will render requisite assistance for this purpose.

6. This Order of appointment shall be served on the respondent by the applicant before the receiver takes any action on the basis of this Order.

7. Accordingly, this application is closed.

29.04.2021 gsk V.PARTHIBAN, J.

gsk 29.04.2021