Company Limited vs Biswakarma Electric And Ors
2022 Latest Caselaw 3004 Cal/2

ODC 11
                             ORDER SHEET
                              EC/159/2022
                    IN THE HIGH COURT AT CALCUTTA
                  ORDINARY ORIGINAL CIVIL JURISDICTION
                         COMMERCIAL DIVISION


             M/S CHOLAMANDALAM INVESTMENT AND FINANCE
                          COMPANY LIMITED
                                VS
                    BISWAKARMA ELECTRIC AND ORS


  BEFORE:
  The Hon'ble JUSTICE SHEKHAR B. SARAF

Date: 13th December, 2022.

Appearance:

Mr. Pratip Mukherjee, Adv.

Mr. Ranjit Singh, Adv.

Ms. Pooja Sett, Adv.

Mr. Amit Sankar Bagchi, Adv.

. . .for the petitioner.

Mr. Apurba Ghosh, Adv.

. . .for the judgment debtors.

The Court: Heard counsel appearing on behalf of the parties.

In the present case the Receiver has taken possession of the Volvo

Excavator which was hypothecated with the petitioner. The parties have come to

a settlement before this Court and the same is recorded hereunder.

a) The award debtor shall pay a total sum of Rs.25 lakhs as full and final

settlement.

b) The above sum of Rs.25 lakhs shall be paid in five installments of Rs.5

lakhs each every month. The first installment shall be paid within one

week from date and upon such payment being made the Receiver shall

release the vehicle in favour of the award debtor immediately. The

payment should be made by 19th of each month.

c) In default of any of the payments, the Receiver shall once again take

possession of the vehicle.

The Receiver shall remain in symbolic possession.

The matter shall appear in the monthly list of February, 2023.

(SHEKHAR B. SARAF, J.)

sp/