Protium Finance Ltd v. Oscar Screens

ORDER This application has been filed for an order of appointment of a Receiver to seize and deliver the assets Spoorthi PLC Control, ROQ Print Next P12 C08 XL, ROQ Print You P18 C08 XL, ROQ Print, You P 10 CO4 with Aluminium and ROQ Print You P 10 CO4 available at 1st 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 respondents for the purchase of the asset vehicle and also a Loan Agreement had also been entered by the respondents with the applicant on 21.09.2023. The brief details in nutshell are as follows: S.No. Particulars Remarks Name of the Lender M/s. Protium Finance Ltd. Name of the Borrower Oscar Screens Name of the Co-borrower/Guarantor R.Vasantharasu Name of the Co-borrower/Guarantor Rajalakshmi Date of the Loan Agreement

21.09.2023 Page3 of 7 Loan amount Rs.75,48,864/- No. of installments First installment

10.11.2023 Last installment

10.10.2027 Notice

18.03.2025 Reply to the Notice Nil Rate of interest

15.00% p.a. Amount claimed Rs.55,45,200/- as on 17.04.2026

¶3The learned counsel for the applicant further submits that the respondents, 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 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.

¶4In spite of notice having been served on the respondents, the respondents had neither chosen to appear before this Court in person nor are being represented by a counsel. The name of the respondents have been reflected in the cause-list. They were called absent and set ex parte. Page4 of 7

¶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. Accordingly, Ms.W.R.Subhashini, Advocate, having her office at Women Lawyer's Association, 1st Floor, Additional Law Chamber, High Court Building, Chennai-600104, (Mob. No. 9940-635-811) is appointed as the Advocate Commissioner to seize the assets Spoorthi PLC Control, ROQ Print Next P12 C08 XL, ROQ Print You P18 C08 XL, ROQ Print, You P 10 CO4 with Aluminium and ROQ Print You P 10 CO4 to the custody of the applicant, available at the 1st respondent's premises or wherever found and with whomsoever it is found and hand over the same to the custody of the applicant. She shall be paid her initial remuneration of Rs.30,000/- (Rupees Thirty Thousand Only) in advance. The expenses towards 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 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 Page5 of 7 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, she is at liberty to approach Superintendent of Police, 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 respondents make good the unpaid installments or make 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. It is made clear that the asset shall be maintained in good condition and be only dealt with subject to the award to be passed by the Arbitrator. Page6 of 7

¶9With the above terms, this application stands disposed of. 02-07-2026 Maya Copy to Ms.W.R.Subhashini, Advocate, having her office at Women Lawyer's Association, 1st Floor, Additional Law Chamber, High Court Building, Chennai-600104. (Mob. No. 9940-635-811) Page7 of 7

K.KUMARESH BABU, J. Maya 02-07-2026

Page1 of 7 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 02-07-2026 CORAM THE HON'BLE MR.JUSTICE K.KUMARESH BABU M/s. Protium Finance Ltd., Rep. by its Authorised Officer, Ms. K. Mohana Priya, 4th Floor, New Parade View 62, Rukumani Lakshmipathy Road, Egmore, Chennai-600 008. ..Applicant(s) Vs 1. Oscar Screens, Through its Partners R.Vasantharasu & Rajalakshmi R, W/o. R.Vasantharasu No. 38 C/1, Kuttaiya Thottam, Anaipalayam, College Road, Sirupooluvapatti, Tirupur, Tamil Nadu-641603. 2. R.Vasantharasu 3. Rajalakshmi ..Respondent(s) Prayer: To appoint Mr. J.Balasubramaniam, working as Zonal Collection Head in the applicant company having his office at 4th Floor, New Parade View, 62, Rukumani Lakshmipathy Road, Egmore, Chennai-600 008 as Receiver with direction to seize the schedule mentioned machinery which is lying under the custody of the respondents or their men, agents, servants or anyone claiming under them from the premises of 1st respondent at No. 38 C/1, Kuttaiya Thottam, Anaipalayam, College Road, Sirupooluvapatti, Tirupur, Tamil Nadu-641603 or at any other place where the schedule asset is found, with the Police aid and by breaking open locks, if necessary and handover the same to Page2 of 7 the applicant. (Amended as per order dated 17.06.2026 in Appl. No. 2456 of 2026) For Applicant(s) : Mr.Darumugavel for Ms. P.Kirubavathi For Respondent(s) : No appearance