1. This is an application for injunction and appointment of
Receiver, over the secured assets. The assets are Wind Turbine
Generators.
2. Twenty numbers of such generators were hypothecated to the
petitioner against a loan of Rs.300 crore, sanctioned in favour of
the respondent by the petitioner.
3. The petitioner submits that after the 16th instalment, payments
were not made. Thus, the repayment schedule was violated by
the respondent.
4. The loan facility was accordingly terminated. The loan cum
hypothecation agreement dated March 15, 2019, came to an
end. On the date of such termination, more than Rs.452 crores
was due and payable by the respondent. The agreement
contains an arbitration clause. A notice invoking arbitration was
issued by the petitioner, to which the respondent did not reply.
Arbitration commenced. The respondent raised an objection on
such unilateral appointment. The learned Arbitrator recused.
An application under Section 11 of the Arbitration &
Conciliation Act, 1996 is pending before this Court. The
respondent has used an affidavit-in-opposition to the same.