Arb.Appln.No.144 of 2025 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 28.01.2025 CORAM THE HONOURABLE MR.JUSTICE P.B.BALAJI Arb. Appln. No.144 of 2025 Axis Bank Limited, Rep by its Deputy Manager, Mr. Selvaraj, No. 31, 2nd Floor, South Mada Street, Mylapore, Chennai – 4. ... Applicant vs. Basha Srikanth (Borrower) ... Respondent PRAYER: This Arbitration Application filed under ORDER XIV RULE 8 OF O.S. RULES READ WITH SEC 9 (1) (ii) (c) & (e) OF ARBITRATION ACT 1996, the Applicant prays to appoint employee of the Applicant viz., Mr. Uday Kiran Doppa Employee Code 138333 currently designated as Legal Officer in the Applicant Company having its office at AXIS BANK LIMITED I RETAIL ASSETS CENTRE I D NO; 5-4-124, MODI SQUARE, 3RD FLOOR, R P ROAD, SECUNDERABAD, TELANGANA-500 003 MOBILE: 91773 91772 as a Receiver to seize, take possession of the seized asset and deliver the Asset being MARUTI CAT CSWIFT DZIRE VDI bearing Chassis No: - MA3CZF03SLA637749, fitted with Engine No: -D13A3590145 with all accessories fitted to the asset from the Respondent or wherever it is 1/6 https://www.mhc.tn.gov.in/judis Arb.Appln.No.144 of 2025 found and deliver it to the Applicant with Police aid and to break open the premises within which the said vehicle is lying. For Applicant : Mr.M.Ganesh Babu ********** ORDER This application has been filed to appoint employee of the Applicant viz., Mr. Uday Kiran Doppa Employee Code 138333 currently designated as Legal Officer in the Applicant Company having its office at AXIS BANK LIMITED I RETAIL ASSETS CENTRE I D NO; 5-4-124, MODI SQUARE, 3RD FLOOR, R P ROAD, SECUNDERABAD, TELANGANA-500 003 MOBILE: 91773 91772 as a Receiver to seize, take possession of the seized asset and deliver the Asset being MARUTI CAT CSWIFT DZIRE VDI bearing Chassis No: - MA3CZF03SLA637749, fitted with Engine No: -D13A3590145 with all accessories fitted to the asset from the Respondent or wherever it is found and deliver it to the Applicant with Police aid and to break open the premises within which the said vehicle is lying. 2. Heard M.Ganesh Babu, learned counsel for the Applicant. 2/6 https://www.mhc.tn.gov.in/judis Arb.Appln.No.144 of 2025 3. The learned counsel appearing for the applicant would submit that the applicant had provided a loan to the respondent for purchase of the MARUTI CAT CSWIFT DZIRE VDI bearing Chassis No: - MA3CZF03SLA637749, fitted with Engine No: -D13A3590145 and a Loan Agreement had also been entered by the respondent with the applicant on 28.01.2020. He would contend that the respondent was irregular in making the payment of instalments and that inspite of repeated demand, the respondent had 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. The Applicant has issued loan recall notice on 23.12.2024, there is no reply from the respondent and accordingly, the Applicant has initiated the Arbitration Proceedings. 4. 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 respondent would also be benefited. 5. Upon considering the facts and circumstances of the case and 3/6 https://www.mhc.tn.gov.in/judis Arb.Appln.No.144 of 2025 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: (i) Mr. Uday Kiran Doppa Employee Code 138333 currently designated as Legal Officer is appointed as Receiver to seize and take possession of the asset viz., MARUTI CAT CSWIFT DZIRE VDI bearing Chassis No: - MA3CZF03SLA637749, fitted with Engine No: -D13A3590145 with all accessories fitted to the asset from the respondent, or any place belonging to the respondent, 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. (iii) If break open of a lock is required the Party Receiver shall do 4/6 https://www.mhc.tn.gov.in/judis Arb.Appln.No.144 of 2025 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 respondent returnable by 17.03.2025. Private Notice is also permitted. 8. Post the matter on 17.03.2025 for filing report of the Party Receiver. 28.01.2025 rkp Index : Yes / No Internet : Yes / No P.B.BALAJI, J., 5/6 https://www.mhc.tn.gov.in/judis Arb.Appln.No.144 of 2025 rkp Arb. Appln. No.144 of 2025 28.01.2025 6/6 https://www.mhc.tn.gov.in/judis