- (1.) In this application on July 3, 2018 this Court passed an order appointing the Joint Receivers to take possession of the 38 hypothecated assets mentioned in Annexure-'C' to the application from the concerned respondent. The said order dated July 3, 2018 was passed in presence of the learned advocates representing the respondent no.1, the principal borrower who had obtained loan from the petitioner for acquiring the said 38 hypothecated assets.
(2.) However, from the report of the Joint Receivers filed before this Court on September 12, 2018, a copy whereof was served upon the erstwhile advocate-on-record of the respondents, it appears that since the respondent no.1 and the other respondents did not disclose the present location of the said 38 assets, they were unable to take possession of the same. Thereafter, on September 17, 2018 and September 27, 2018 on the prayer of their learned advocates, an opportunity was granted to the respondents to file an affidavit disclosing the present locations of each of the 38 assets and the hearing of this application was adjourned from time to time. The respondents, however, did not file the said affidavit disclosing the present locations of the 38 assets. On October 3, 2018 when this application was taken up for hearing, learned advocate who was appearing for the respondents sought for leave to retire from the matter. Under such circumstances, this Court directed the Managing Director of the respondent no.1 and the respondent nos.2 and 3 to be present before this Court today.
(3.) Mr. Pancham Singh, the respondent no.2 who is also the Chairman of the respondent no.1 is alone present before this Court. However, the respondent no.3 is not present before this Court.;