IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 29-01-2025 CORAM THE HONOURABLE MR JUSTICE P.B. BALAJI Arb Appln NO. 190 of 2025 Axis Bank Ltd No. 31, 2nd Floor, South Mada Street, Mylapore, Chennai Applicant(s) Vs Shaik Shariful Hussain No. 31, 2nd Floor, South Mada Street, Mylapore, Chennai16 1 24 15 Flat No.101, Grace Baha Residency Madav Nagar, Saidabad Housing Board Colony, Hyderabad, Telangana 500 059 India. Respondent(s) For Applicant(s): M/s.Uma Vijayan M.R. ORDER This application has been filed seeking appointment of a Receiver viz., Mr.Varaganti Kumar, Employee Code No.347926, currently designated as Senior Manager of Axis Bank, having his office at Axis Bank Limited, CPC – Nellore, 22/1223/A1, 2nd Floor, G.T.Road, Nellore – 524003, Mobile No.9014456781, as Receiver to seize and take possession of the asset and 1/5 https://www.mhc.tn.gov.in/judis deliver the asset being Maruti CAT CXL6 ALPHA PLUS P BS6, bearing Chassis No.MA3CNC72SND294318, fitted with Engine No.K15CN9019951, Registered as TS-11-EX-2455, 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 Mr.Uma Vijayan M.R., learned counsel for the applicant. 3.The respondents entered into a loan agreement with the applicant Company dated 06.04.2022 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.16,62,535/- was repayable by the respondent to the applicant in 61 monthly installments at 8% interest per annum, commencing from 01.07.2022 to 31.10.2024. 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 the default and had continued not to pay the EMIs. He would further submit 2/5 https://www.mhc.tn.gov.in/judis that the applicant has undertook to initiate arbitration proceedings and loan recall notice has also been issued to the respondent on 23.12.2024. 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.Varaganti Kumar, Employee Code No.347926, currently designated as Senior Manager of Axis Bank, having his office at Axis Bank Limited, CPC – Nellore, 22/1223/A1, 2nd Floor, G.T.Road, Nellore – 524003, Mobile No.9014456781, is appointed as a Party Receiver to repossess the asset viz., Maruti CAT CXL6 ALPHA PLUS P BS6, bearing Chassis No.MA3CNC72SND294318, fitted with Engine No.K15CN9019951, Registered as TS-11-EX-2455, 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 3/5 https://www.mhc.tn.gov.in/judis 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 12.03.2025. Private Notice is also permitted. 7. Post the matter on 12.03.2025 under the caption 'for reporting compliance'. 29.01.2025 ata P.B.BALAJI,J. ata 4/5 https://www.mhc.tn.gov.in/judis Arb Appln No. 190 of 2025 29.01.2025 5/5 https://www.mhc.tn.gov.in/judis