- (1.)THIS application has been filed for appointing Advocate Commissioner to seize and deliver 2011 Model Mahindra XYLO, Registration No.TN-20-BE-6784, bearing Chassis No.MA1YA2JGKB2B20731 and Engine No.JGB4B51508 to the custody of the applicant and also permit the Advocate Commissioner to obtain police aid and break open the premises.
(2.)IT is submitted, that in the course of applicant's business, the respondent entered into a loan agreement dated 26.03.2011 bearing Contract No.FZ305900 with the applicant for purchase of the vehicle in dispute from M/s.MPL Automobiles Agency Private Limited. The vehicle is hypothecated as security for the loan advanced by the applicant.
Ms.S.Sujatha stood as guarantor for the loan. The loan availed by the respondent was Rs.4,50,000/- (Rupees Four Lakhs and Fifty Thousand only) and repayable amount was Rs.5,85,000/- (Rupees Five Lakhs and Eighty Five Thousand only). The respondent paid 12 installments in time and thereafter 13th to 21st installments were paid belatedly.

(3.)THE case of applicant is that no payment has been made for several months, which resulted in issuance of legal notice dated 11.10.2012 and that for defaulted amount, interest @ 30% p.a. has to be paid. According to the applicant, a sum of Rs.3,75,455/- (Rupees Three Lakhs Seventy Five Thousand Four Hundred and Fifty Five only) is outstanding and that Clause 14.1 (B) of the agreement, the applicant is entitled to repossess the vehicle and it is therefore pleaded, that the Advocate Commissioner be appointed to repossess the vehicle.