MDR CRANES AND INFRASTRUCTURE (P) LTD Vs. L & T FINANCE LTD

JUDGEMENT

(1.) THE first respondent in A.No.3510 of 2012 is the applicant herein. The application A.No.3510 of 2012 is filed for an appointment of Advocate Commissioner to seize Hydraulic Drilling Pilling Rig more fully described in the schedule appended to the judges summon either in the premises of the respondents or wherever it is found and deliver the same to the custody of the applicant.

(2.) THE applicant M/s. L and T Finance Ltd has come forward with the application A.No.3510 of 2012 for appointment of an Advocate Commissioner in exercise of their right available to the applicant as contained in Article 13 of the loan cum hypothecation agreement dated 29.12.2009 entered into between the applicant and the first respondent in respect of the loan sanctioned for purchase of the schedule mentioned equipment. The second respondent stood as guarantor for due repayment of the amount and executed a separate guarantee deed dated 29.12.2009. As per the terms and conditions of the loan cum hypothecation agreement, the borrower agreed to repay the amount in monthly installments and the finance company is entitled to treat the entire amount as due and recall the entire debt, in the event of any default on the part of the borrower, in addition to the right available to the finance company to repossess the equipment, for the purchase of the same, loan is sanctioned.

(3.) FOR the purpose of convenience, the parties i.e., finance company, borrower and guarantor are referred to, as per their rank in A.No.3510 of 2012.