IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 18-12-2024 CORAM THE HONOURABLE MR JUSTICE P.B. BALAJI Arb Appln NO. 887 of 2024 Cholamandalam Investment And Finance Co Ltd Chola Crest, C 54 and 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Chennai Appellant(s) Vs Shakmbhri Polymers Chola Crest, C 54 and 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, ChennaiProp Mr.Gauri Shankar Sharma, J-201, Sector 5, DSIDC Industrial Area, Bawana, NorthDelhi, Delhi 110 039. and 2 Others Respondent(s) For Appellant(s): Mr.D.Pradeep Kumar For Respondent(s): ORDER This application has been filed seeking appointment of receiver viz., Mr.Pradeep Gulia, Assistant General Manager, to seize and take possession of the equipment which is more fully described in the schedule to the Judges Summons which is lying in the custody of the respondents or respondents' men, agents, servants from respondents premises or wherever found with police aid and break open of premises, if necessary. 1/5 https://www.mhc.tn.gov.in/judis 2. Heard Mr.D.Pradeep Kumar, learned counsel for the Applicant. 3. The learned counsel appearing for the applicant would submit that the applicant had provided a loan to the respondents for the purchase of the aforesaid asset and also a Loan Agreement had also been entered by the respondents with the applicant on 30.09.2022. He would contend that the respondents were irregular in making the payment of instalments and that in spite of repeated demands, the respondents had failed to regularize the default and had continued not to pay the EMIs. He would further submit that Section 21 notice has also been served on the respondents. He would further submit that considering the value of the amount to be recovered from the respondents, the applicant had sought for an appointment of a party receiver which would minimize the expenditure to the applicant and the respondents would also be benefited. 4. Upon considering the facts and circumstances of the case and the submissions made by the learned counsel for the applicant, this Court is satisfied with the prayer sought for in this application. 2/5 https://www.mhc.tn.gov.in/judis 5. Accordingly, this application is ordered with the following directions: (i) Mr.Pradeep Gulia, Assistant General Manager, having his office at M/s.Cholamandalam Investment and Finance Company Limited, 'Chola Crest', C54 & 55, Super B-4, Thiru Vi Ka Industrial Estate, is appointed as receiver to seize and take possession of the asset viz., ECO- PLAST 150 Liters Dispersion pelletizing with Kneader complete set with all standard accessorie lying at respondents' premises or wherever found and with whomsoever it is found. Registry is directed to hand over the order to the learned counsel for the applicant. (ii) It is also made clear that if any police help is required, the Party Receiver shall make a request to the local police station within whose jurisdiction the asset is found and on such request being made, the Inspector of Police/Station House Officer shall send the Police Personnel along with the Party Receiver to seize the asset. (iii) If break open of a lock is required the Party Receiver 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. (iv) If the Party Receiver finds any difficulty with the jurisdictional police, he is at liberty to approach Superintendent of Police, who shall 3/5 https://www.mhc.tn.gov.in/judis provide all necessary assistance to him at the time of seizure of the said asset. 6. Notice to the respondent returnable by 22.01.2025. Private Notice is also permitted. 7. Post the matter on 22.01.2025 for filing report of the Party Receiver. 18.12.2024 ata 4/5 https://www.mhc.tn.gov.in/judis P.B.BALAJI, J. ata Arb.Appln.No.887 of 2024 18.12.2024 5/5 https://www.mhc.tn.gov.in/judis