AP No. 464 of 2011
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
SREI EQUPIMENT FINANCE PVT. LTD.
Versus
YOGA NARASIMHA MINES & PVT. LTD. & ORS.
For Petitioner: Mr. Utpal Bose, Mr.Swatarup Banerjee
BEFORE:
The Hon'ble JUSTICE PATHERYA
Date : 7th June, 2011.
The Court : Leave under Clause 12 of the Letters Patent is
granted.
This application has been filed under Section 9 of the Arbitration
and Conciliation Act, 1996.
The case of the petitioner is that under an agreement dated 30th
June, 2010 the asset mentioned in Schedule VIII of the agreement was financed
by it. The financed amount was to be repaid in 18 instalments and except for two
instalments no further instalment has been paid. Letter of termination was
issued on 14th April, 2011 and the intent to go to arbitration is evidenced as
arbitration proceedings have commenced. For non-payment of the balance sum
this application has been filed and orders sought.
Inspite of service none appears on behalf of the respondents.
Affidavit of service filed be kept on record.
2
Having considered the facts of the case as arbitration proceedings
have commenced and there is every possibility of the asset being dissipated
and/or encumbered entitles the petitioner to an order in terms of prayer (f) of the
Notice of Motion till 27th June, 2011. Mr. Goutam Dinda, Advocate, Bar
Association Room No.1 is appointed Receiver at an initial remuneration of 300
GMs to be paid by the petitioner to make an inventory of the asset in question
and take physical possession of the same. A report in this regard be filed on the
returnable date. Needless to mention that all expense of the Receiver be borne by
the petitioner.
Another reason for passing this order is except for two instalments
no further instalment has been paid by the respondents and letter of termination
has also been issued.
Matter is made returnable on 23rd June, 2011.
Receiver and all parties concerned are to act on a phoptostat signed
copy of this order on the usual undertakings.
( PATHERYA, J.)
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