Calcutta High CourtSrei Equipment Finance Ltd vs Surya Narayan Kar & Anr on 30 April, 2018Author:Ashis Kumar ChakrabortyBench:Ashis Kumar ChakrabortyORDER SHEET
                                  AP NO.843/2017
                          IN THE HIGH COURT AT CALCUTTA
                      Ordinary Original Civil Jurisdiction
                                   ORIGINAL SIDE



                            SREI EQUIPMENT FINANCE LTD.
                                       Versus
                              SURYA NARAYAN KAR & ANR.


   BEFORE:
   The Hon'ble JUSTICE ASHIS KUMAR CHAKRABORTY

   Date : 30th April, 2018.

                                      Appearance :
                                      Mr.Swatarup Banerjee,
                                      Mr.Debdulal Halder, Advs.


     The Court : Mr.Banerjee appears for the petitioner in this

application underSection 9of the Arbitration and Conciliation

Act, 1996 (in short, "the Act of 1996").

     It   appears   that     the   Receiver    appointed     by   this   Court   on

October 30, 2017 has taken possession of the hypothecated asset

from the respondent and he has filed his report to that effect.The Receiver, who is present before this Court, is directed to

make over a copy of his report to the petitioner.None   appears    on    behalf     of   the   respondent     to   oppose   this

application.It   is   further      submitted    by    Mr.Banerjee      that   during    the

pendency of this application, the disputes between the petitioner

and the respondent relating to the finance agreement dated June
 28, 2014 have already been referred, for adjudication, to a Sole

Arbitrator appointed as per the arbitral agreement between the

parties.Since     the   disputes   between     the    parties     have   already     been

referred to arbitration, I do not find any reason to keep this

application pending before this Court. Accordingly, the petitioner

is       directed    to    henceforth    approach      the   learned    Arbitrator       for

seeking appropriate relief undersection 17of the Act of 1996.The Receiver already appointed by this Court shall remain in

possession of the hypothecated asset till the disposal of the

arbitral          proceeding.      The   Receiver      shall   be      paid     a   monthly

remuneration of 500 GMs to be paid by the petitioner. Needless to

mention that the petitioner would be entitled to add its claims,

in the arbitral proceeding against the respondent all the amounts

already paid and further to be paid to the Receiver, on account

his remuneration.With    the     above   directions,    the    application,       AP   No.843    of

2017, stands disposed of without any order as to costs.(ASHIS KUMAR CHAKRABORTY, J.)
sd/
AR[CR]