ELGI FINANCE LTD Vs. ESSROPE MILLS LTD

JUDGEMENT

(1.) THE above Revision Petition has been filed by the plaintiff against the fair and decretal order in I. A. No. 636/1998 in O. S. No. 768/1998 dated 7. 4. 2002 passed by the learned I Addl. Sub-Judge, Subordinate Court, Coimbatore.

(2.) THE petitioner/plaintiff, ELGI Finance Ltd. is a Public Limited Company at Coimbatore dealing in the business of finance and Hire Purchase Leasing. The respondent being a Private Textile Mill, approached the petitioner-plaintiff to hire purchase 22 machineries. The same was agreed to by the petitioner/plaintiff and 22 Hire Purchase Agreements were executed between 1997 and 1998. Due to defaults committed by the respondent, the arrears got accumulated and the respondent as on 6. 6. 1998, was to pay a sum of Rs. 73,70,584/- to the petitioner/plaintiff towards the monthly instalments and hired purchase of the plant and machineries. The legal notice issued by the petitioner/plaintiff did not evoke proper response. The right of the petitioner/plaintiff to re-possess the plant and machineries was opposed and objected to by the respondent.

(3.) THEREFORE the petitioner filed a suit in O. S. No. 768/1998 on the file of the Sub-Court, Coimbatore and sought for permanent injunction against the respondent not to interfere in any manner or obstruct or prevent them from re-possessing the plant and machineries.