M/S Tvs Credit Services Limited v. Mr.Wajahat Subedar

V.PARTHIBAN.,J.

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

2. The respondent availed a vehicle loan from the Applicantcompany and executed a loan agreement dated 23.04.2016, for a sum of Rs.5,49,606/- to be paid in 55 installments and the first installment commenced from 05.06.2016 and the re-payments were to run till 05.12.2020. It is stated that as on 16.03.2021, a sum of Rs.85,033.02 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. From the Court records, it is seen that the respondent has been served notice and despite his name appeared in the cause list today, there is no appearance by him or anyone on his

behalf.

4. In the above circumstances, in consideration of the pleadings and the materials placed on record, this Court is convinced that the applicant has made out a prima facie case and balance of convenience is in favour of the applicant. Therefore, the named receiver in the application Mr.Ram Sewak 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 seize and 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 Police Station concerned, 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 ordered.

21.06.2021 mrm

V.PARTHIBAN,J.

mrm 18.06.2021