IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 27-01-2025 CORAM THE HONOURABLE MR JUSTICE P.B. BALAJI Arb Appln NO. 139 of 2025 Axis Bank Ltd B1, first floor, Shaw Wallace building, new no. 366, old no. 166, thambu chetty street, near High Court, chennai Applicant(s) Vs Chinnappan Divyaraj 8 Maruthura Sangam Colony, Mettupatti, Pillayarnatham, Begampur, Dingigul 624 002B1, first floor, Shaw Wallace building, new no. 366, old no. 166, thambu chetty street, near High Court, chennai Respondent(s) For Applicant(s): Mr.T.Gowrishankar ORDER This application has been filed seeking appointment of a Receiver viz., Mr.Prakash Raju.P, Employee Code No.425214, currently designated as Assistant Vice President of Axis Bank Limited, having his office at Axis Bank Limited, Old No.38, New No.165, Arcot Plaza, Arcot Road, United India Colony, Kodambakkam, Chennai – 600 024, as Receiver to visit the 1/6 https://www.mhc.tn.gov.in/judis respondent's premises, other areas which is occupied by the respondent and any other premises of the respondent along with local police protection to break open if necessary and to seize and take custody of the vehicle hypothecated with the applicant being Motor Car bearing No.TN-57-BE- 8589, Model – Bolero Power P ZLX MH 7 STRBS, Manufacture – Mahindra & Mahindra 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 the parties through arbitration. 2. Heard Mr.T.Gowrishankar, learned counsel for the applicant. 3.The respondent entered into a loan agreement with the applicant Company dated 15.02.2018 for purchase of the asset, more fully described in the schedule to the Judges Summons. Under the loan agreement, the total loan amount of Rs.6,75,030/- was repayable by the respondent to the applicant in 60 monthly installments at 8.76% interest per annum, commencing from 10.03.2018 to 10.02.2023. 2/6 https://www.mhc.tn.gov.in/judis 4.The learned counsel appearing for the applicant would contend that the respondent was irregular in making the payment of instalments and that in spite of repeated demands, the respondent 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 respondent on 31.12.2024. He would further submit that considering the value of the amount to be recovered from the respondent, 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. Accordingly, this application is ordered with the following directions: a) Mr.Prakash Raju.P, Employee Code No.425214, currently designated as Assistant Vice President of Axis Bank Limited, having his office at Axis Bank Limited, Old No.38, New No.165, Arcot Plaza, Arcot Road, United India Colony, Kodambakkam, Chennai – 600 024, is appointed as a Party Receiver to repossess the asset viz., Motor Car bearing No.TN-57- 3/6 https://www.mhc.tn.gov.in/judis BE-8589, Model – Bolero Power P ZLX MH 7 STRBS, Manufacture – Mahindra & Mahindra Limited, which is more fully described in the schedule to the Judges Summons from the respondent or wherever it is available and handover the same to the applicant by way of interim custody. Registry is directed to hand over the order to the learned counsel for the Applicant. b) The Party Receiver is permitted to obtain police aid and break open of the premises in case the seized asset is kept in a locked premises in the presence of the Police, after taking proper inventory; c) 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. d) 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 asset. 6. Notice to the respondent returnable by 10.03.2025. Private Notice is also permitted. 7. Post the matter on 10.03.2025 under the caption 'for reporting 4/6 https://www.mhc.tn.gov.in/judis compliance'. 27.01.2025 ata P.B.BALAJI,J. ata 5/6 https://www.mhc.tn.gov.in/judis Arb Appln No. 139 of 2025 27.01.2025 6/6 https://www.mhc.tn.gov.in/judis