IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 27-01-2025 CORAM THE HONOURABLE MR JUSTICE P.B. BALAJI Arb Appln NO. 133 of 2025 Axis Bank Ltd Thambu Chetty Street Appellant(s) Vs Amgothu Bhagyalaxmi H.No.7112 Q 1 Salar Thanda, Mahabubabad, Warangal, Telangana 506 101.Thambu Chetty Street and another Respondent(s) For Appellant(s): T.Gowrishankar ORDER This application has been filed seeking appointment of a Receiver viz., Mr.Dileep Kumar.T, Employee Code No.201090, currently designated as Manager of Axis Bank Limited, having his office at Axis Bank Limited, 5-4-124, Loan Center, Modi Square, 3rd Floor, RP Road, Secunderabad – Telangana – 500 003, as Receiver to visit the respondent's premises, other areas which is occupied by the respondents and any other premises of the 1/5 https://www.mhc.tn.gov.in/judis respondents along with local police protection to break open if necessary and to seize and take custody of the vehicle Loader bearing No.TS-26-F-7764, Model – 424 (2W Drive – JTY) BSIV, Manufacture – Caterpillar India 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 the parties through arbitration. 2. Heard Mr.T.Gowrishankar, learned counsel for the applicant. 3.The respondents entered into a loan agreement with the applicant Company dated 28.09.2021 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.25,14,404/- was repayable by the respondent to the applicant in 48 monthly installments at 12% interest per annum, commencing from 10.10.2021 to 10.09.2025. 4.The learned counsel appearing for the applicant 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 2/5 https://www.mhc.tn.gov.in/judis 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 on 31.12.2024. 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. Accordingly, this application is ordered with the following directions: a) Mr.Dileep Kumar.T, Employee Code No.201090, currently designated as Manager of Axis Bank Limited, having his office at Axis Bank Limited, 5-4-124, Loan Center, Modi Square, 3rd Floor, RP Road, Secunderabad – Telangana – 500 003, is appointed as a Party Receiver to repossess the asset viz., Loader bearing No.TS-26-F-7764, Model – 424 (2W Drive – JTY) BSIV, Manufacture – Caterpillar India Private 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 3/5 https://www.mhc.tn.gov.in/judis 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 respondents returnable by 10.03.2025. Private Notice is also permitted. 7. Post the matter on 10.03.2025 under the caption 'for reporting compliance'. 27.01.2025 ata P.B.BALAJI,J. ata 4/5 https://www.mhc.tn.gov.in/judis Arb Appln No. 133 of 2025 27.01.2025 5/5 https://www.mhc.tn.gov.in/judis