India Infoline Finance Limited v. T M Technique and Comfort India Pvt Ltd

O R D E R %

25.10.2016

IA No. 13289/2016 (for exemption)

¶1Allowed subject to all just exceptions.

¶2This petition under Section 9 of the Arbitration and Conciliation Act, 1996 ('Act') seeks the appointment of a representative of the Petitioner Company as a Receiver to take possession of the following equipments from the Respondents. Sl.No. Asset Unit Brand

¶1CT Scanner, Srl.No. EP16E110019 with UPS Srl. No. 1011000063, Transformer Srl.No. 1102000025, Workspace Srl.No. 14704 Philips

¶2Ventilator (Model V200) Srl.No. 229, 230, 231, 232,233,234, 235, 236, 237 & 238 with accessories Philips

¶3Multichannel Patient Monitor System Philips

¶4Measurement module and patient monitor Philips

¶5Pulse Oximeter Philips

¶6Monitor Philips

¶3The averments in the petition duly supported by an affidavit and documents are that the Petitioner Company had sanctioned loan facilities of Rs. 1,33,77,934 to the Respondent for purchase of the aforementioned equipments under a Loan-cum-Hypothecation Agreement. The loan was to be repaid, along with interest, in 60 monthly instalments.

¶4It is further averred that the Respondents defaulted in repayment of the loan amount. The Petitioner, accordingly, terminated the loan facility and notices were sent on 8th April 2016. However, the Respondents did not pay the outstanding amount. The total amount overdue as on 18th October, 2016 was Rs. 1,91,21,877.

¶5In the facts and circumstances noted above, the Court appoints Mr. Kushal Madhogaria, Manager of the Petitioner, as a Receiver to repossess the aforementioned equipments.

¶6In the event, the Respondent makes the payment of the entire outstanding loan amount, the Receiver shall release the said equipments to the Respondent

on superdari. In that event, the Respondent will not part with the possession, or sell or create any third party interest in the equipments released to it on superdari.

¶7The SHO/in-charge of the police station concerned is directed to render necessary aid and assistance to the Receiver. After taking over possession, the Receiver shall preserve and maintain the said equipments till further orders of this Court or any other Court of competent jurisdiction or of the Arbitrator.

¶8This order shall remain in force till either the Respondent makes the payment of the loan amount or till it is modified by the learned Arbitrator during arbitration proceedings or till the termination of the arbitration proceedings.

¶9The learned Arbitrator will decide the disputes referred for arbitration uninfluenced by the present order.

¶10The Respondent is also at liberty to apply to the learned Arbitrator for modification of this order.

¶11The petition is disposed of in the above terms. Order be given dasti.

S.MURALIDHAR, J OCTOBER 25, 2016 Rm

* IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 420/2016 INDIA INFOLINE FINANCE LIMITED ..... Petitioner Through: Mr. Rajat Katyal with Ms.Ankita Goyal, Advocates. versus T M TECHNIQUE AND COMFORT INDIA PVT LTD ..... Respondent CORAM: JUSTICE S.MURALIDHAR