Authority: High Court of Judicature at Madras
Order Date: 24-06-2026
Case Overview
- Petitioner: Cholamandalam Investment and Finance Company Limited, represented by authorised signatory.
- Respondent: Ubaid T Y (no appearance).
- Application filed under Order XIV Rule 8 of Original Side Rules and Section 9(1)(ii)(a)(b)(d)(e) of the Arbitration and Conciliation Act, 1996, seeking appointment of a party receiver.
- Loan agreement dated 15‑07‑2019 for purchase of Ashok Leyland Dost (Engine No. DKH035769P, Chassis No. MB1AA22E7KRD72676, Reg. No. KL45S9583); respondent defaulted on EMIs despite repeated demands.
- Arbitration proceedings are pending before the learned arbitrator.
Final Outcome
- Court finds prima facie case and appoints Mr Jais Clement P, Branch Legal Manager of the petitioner, as Party Receiver.
- Receiver authorized to seize and take possession of the vehicle from respondent’s premises or wherever found, with police assistance if required.
- If lock breaking is needed, it must be done in presence of police personnel who will counter‑sign the record.
- Receiver may approach Superintendent of Police for assistance if local police are uncooperative.
- If respondent pays the outstanding installments or makes substantial payment to the petitioner’s satisfaction, the vehicle shall be returned in the condition it was repossessed.
- Asset must be maintained in good condition and dealt with only subject to the arbitrator’s award.
- Court directs issuance of a fresh notice to the respondent, returnable within six weeks, with private notice permitted via speed post with acknowledgment.
- Case to be listed after six weeks.
Topics: Legal Dispute, Asset Recovery