Arb.Appln.No.114 of 2025 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 24.01.2025 CORAM THE HONOURABLE MR.JUSTICE P.B.BALAJI Arb.Appln.No.114 of 2025 Axis Bank Limited, Represented by its Authorised Signatory, Mr.Selvaraj, S/o.Mr.Pichandi, Legal and Support Team, 2nd Floor, Door No.31, Old N.14, South Mada Street, Mylapore, Chennai - 4. ... Applicant vs. 1. PlAlaguvel 2. M.M.Rani ... Respondents PRAYER: Arbitration Application filed under order XIV Rule 8 of Original Side Rules read with Section 9(1)(ii)(c)&(e) of the Arbitration and Conciliation Act 1996 to appoint Mr.Varaganti Kumar, Employee Code No.347926, currently designated as Senior Manager of Axis Bank Ltd., having his office at Axis Bank Limited, CPC - Nellore, 22/1223/A- 1, 2nd Floor, GT Road, Nellore - 524 003 as Receiver to visit the respondents premises, other areas which is occupied by the respondents and any other premises of the respondents along with local Police protection to break open if necessary, and to seize and take custody of the vehicle hypothecated with applicant being Earth Moving Equipment bearing No.TN-65-AP-1343, Model - Shinrai - BX80, Manufacture - Tata Hitachi Construction Machinery Company Private Limited with all accessories fitted to the asset specifically described in the schedule to the Judge's Summons and hand them over to the applicant pending final adjudication of the disputes between parties through arbitration. 1/7 https://www.mhc.tn.gov.in/judis Arb.Appln.No.114 of 2025 For Applicant : Mr.R.A.Sivadhara Adiyaman O R D E R This application has been filed seeking appointment of Receiver viz., Mr.Varaganti Kumar, Employee Code No.347926, currently designated as Senior Manager in the applicant company having his office at Axis Bank Limited, CPC - Nellore, 22/1223/A-1, 2nd Floor, GT Road, Nellore - 524 003 to seize and deliver the asset viz., Earth Moving Equipment bearing No.TN-65-AP-1343, Model - Shinrai - BX80, Manufacture - Tata Hitachi Construction Machinery Company Private Limited with all accessories fitted to the asset specifically described in the schedule to the Judge's Summons and hand them over to the applicant pending final adjudication of the disputes between parties through arbitration. 2. Heard Mr.R.A.Sivadhara Adiyaman, 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 purchase of 2/7 https://www.mhc.tn.gov.in/judis Arb.Appln.No.114 of 2025 the aforesaid asset and a Loan Agreement had also been entered by the respondents with the applicant on 04.06.2021. He would contend that the respondents were irregular in making the payment of instalments and that inspite of repeated demand, the respondents have failed to regularize the default and had continued not to pay the EMIs. There is an Arbitration Clause available in the loan agreement, which is the subject matter of dispute. The applicant has expressed its willingness to go for Arbitration in accordance with the Arbitration Clause. 4. 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. 5. 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. 6. Accordingly, this Application is ordered with the following directions: 3/7 https://www.mhc.tn.gov.in/judis Arb.Appln.No.114 of 2025 (i) Mr.Varaganti Kumar, Employee Code No.347926, currently designated as Senior Manager in the applicant company having his office at Axis Bank Limited, CPC - Nellore, 22/1223/A-1, 2nd Floor, GT Road, Nellore - 524 003, is appointed as Receiver to seize and take possession of the asset viz., Earth Moving Equipment bearing No. TN-65-AP-1343, Model - Shinrai - BX80, Manufacture - Tata Hitachi Construction Machinery Company Private Limited with all accessories fitted to the asset from the respondents, or any place belonging to the respondents, 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 Station House Officer shall send the Police Personnel along with the Party Receiver to seize the asset. 4/7 https://www.mhc.tn.gov.in/judis Arb.Appln.No.114 of 2025 (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 provide all necessary assistance to him at the time of seizure of the said asset. 7. Notice to the respondents returnable by 06.03.2025. Private notice is also permitted. 8. Post the matter on 06.03.2025 for filing report of the Party Receiver. 24.01.2025 vji Index : Yes / No Internet : Yes / No NCC : Yes / No 5/7 https://www.mhc.tn.gov.in/judis Arb.Appln.No.114 of 2025 6/7 https://www.mhc.tn.gov.in/judis Arb.Appln.No.114 of 2025 P.B.BALAJI, J. vji Arb.Appln.No.114 of 2025 24.01.2025 7/7 https://www.mhc.tn.gov.in/judis