Ms Indusind Bank Limited v. All Tousiff Minerals

ORDER This application has been filed for an order of appointment of a Receiver to seize and deliver the vehicle Recon Technologies Pvt. Ltd., Tata Hitachi ZAXIS 370 LCH Excavator, bearing Registration No.THEDD1L0C00001874 available at respondent's premises or wherever found and permit the Receiver to obtain police aid and to break open the premises.

¶2The learned counsel appearing for the applicant would submit that the applicant provided a loan to the respondent for the purchase of the asset vehicle and also a Loan Agreement had also been entered by the respondent with the applicant on 01.11.2023. The brief details in nutshell are as follows: S.No. Particulars Remarks Name of the Lender M/s.IndusInd Bank Ltd. Name of the Borrower ALL Tousiff Minerals, Date of the Loan Agreement

01.11.2023 Loan amount Rs.95,88,375/- No. of installments First installment

04.12.2023 Last installment

21.09.2027 Notice

01.09.2025 Reply to the Notice Nil Rate of interest

10.94% p.a. Amount claimed Rs.73,30,422/- as on 03.01.2026 Page3 of 6

¶3The learned counsel for the applicant further submits that the respondent, having availed the loan, failed to repay the same. 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 hence he would urge this Court to appoint an Advocate Commissioner to re-possess the asset morefully described in the schedule to the Judges summons available at the respondent's 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.

¶4In spite of notice having been served on the respondent, the respondent had neither chosen to appear before this Court in person nor is being represented by a counsel. The name of the respondent has been reflected in the cause-list. He was called absent and set ex parte.

¶5I have considered the submissions made by the learned counsel for the applicant and also perused the materials placed on record.

¶6Upon 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 prima facie case in its favour but is not inclined to appoint a Party-Receiver. Accordingly, Mr.V.Santhosh, having Page4 of 6 his office at 195/96, JKA Complex, 2nd Floor, D.No.25, Thambu Chetty Street, Parrys, Chennai-600 001 (Mob. No. 8220971771/8870775471) is appointed as the Advocate Commissioner to seize the vehicle Recon Technologies Pvt. Ltd., Tata Hitachi ZAXIS 370 LCH Excavator, bearing Registration No.THEDD1L0C00001874 to the custody of the applicant, available at the respondent's premises or wherever found and with whomsoever it is found and hand over the same to the custody of the applicant. He/She shall be paid his/her initial remuneration of Rs.30,000/- (Rupees Thirty Thousand Only) in advance. The expenses towards his/her travel and stay shall be defrayed by the applicant. The said initial remuneration shall be paid to the Advocate Commissioner within a period of two weeks from the date of receipt of communication from him/her.

¶7It 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. If the Advocate Commissioner find any difficulty with the jurisdictional police, he/she is at liberty to approach Superintendent of Police, Page5 of 6 who shall provide all necessary assistance to the Advocate Commissioner at the time of seizure of the vehicle. After the seizure, the vehicle is to be handed over to the applicant or to their representative, after taking inventories.

¶8If the respondent makes good the unpaid installments or makes substantial payments of the dues to be paid to the satisfaction of the applicant, the applicant shall return the asset in the condition it was re-possessed.

¶9With the above terms, this application stands disposed of. 08-07-2026 Maya Copy to Mr.V.Santhosh, having his office at No.195/96, JKA Complex, 2nd Floor, D.No.25, Thambu Chetty Street, Parrys, Chennai-600 001. (Mob. No. 8220971771/8870775471) Page6 of 6

K.KUMARESH BABU, J. Maya 08-07-2026

Page1 of 6 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 08-07-2026 CORAM THE HON'BLE MR.JUSTICE K.KUMARESH BABU M/s.IndusInd Bank Ltd. Rep. by its Assistant Vice President, A.Ganesh Kumar, Consumer Finance Division, No. 34, G N Chetty Road, T Nagar, Chennai – 600017. ..Applicant(s) Vs ALL Tousiff Minerals, Rep. by Shaik Tousiff Hussain, 19-3-48/2, Islampet, Bapatla, Bapatla District, Andhra Pradesh-522101. ..Respondent(s) Prayer: To pass an order of appointment of Shaik Subhani, EMP ECN: R30981, Deputy Manager,, employee of the Applicant as a Receiver to seize and deliver the vehicle/machine Recon Technologies Pvt. Ltd., Tata Hitachi ZAXIS 370 LCH Excavator, bearing Registration No.THEDD1L0C00001874 to the custody of the Applicant, available at the Respondent's premises or wherever found and with whomsoever it is found and permit the Receiver to obtain Police aid and to break open the premises. For Petitioner(s): Ms.Meera Gnanasekar For Respondent(s): No appearance Page2 of 6