: O R D E R :

Sri D.C.Mishra,President.

The petitioner  has filed this C.C.Case No. 14 of 2016 with  prayer to  direct the opp.parties to take back the KOBELCO machine  bearing No.        from the  petitioner being  surrendered by him which he had purchased, taking  finance from the opp.parties. The opp.parties  have appeared and filed written version. Both  sides  have been heard. Perused  the  records.

2.       The   petitioner’s counsel  submitted that the  petitioner had taken  a loan of  Rs. 13,23,976.00  from the opp.parties  to  purchase a KOBELCO  machine (Chassis No.YO12-B0891) and the  loan  along with  interest  was to be repaid  in 24 monthly  installments. Out  of  which he has  paid  9  installments  regularly but thereafter  due  to want of  work, non-availability  of  driver- cum -operator and  deficit in  management  for  illness of the petitioner, it  was  not possible on his  part to engage the machine, as such he  could not  earn anything. According to the   petitioner  he  approached  the opp.parties  several  times and  appraised  them the   above  grounds and requested to take back the machine  but in vain. The   petitioner  further  submitted that  for the  aforesaid  unavoidable  and  unforeseen reasons  he is  unable to  earn  anything  through  the  machine and repay  the  loan dues  and  as the  machine  has been  kept idle  its condition and value is  deteriorating  rapidly.

3.       In the  above premises  and in presence  of the opp.parties counsel, during  hearing of the  case, the petitioner  submitted that unless the  machine  is  taken  back  by the  opp.parties  he will suffer irreparable   and  great loss. If  the  machine  will be kept  without  engagement  or  earning, it  will not  be  beneficial either of the  parties. Since the opp. parties have lien on the KOBELCO machine. The petitioner is unable to sale it and deposit the sale proceeds with the opp. parties and due to delay he has to pay extra interest.

4.       In the  above  premises and in the  greater  interest of the  justice this  forum feels that the opp.parties  should  receive the vehicle  and sale  it  properly and  adjust the  sale amount  towards the  loan  dues. In case the  value of the JCB  machine  will be less that  the  outstanding  loan amount  then  the  petitioner shall  pay the same with  nationalized  bank interest rate  to the opp.parties  within  six months   of  sale of the JCB  machine. If the petitioner  will fail to  repay  the rest amount within six months  of the sale of the JCB machine then the  opp.parties  can charge  interest according to the rate of interest which was charges  at the time of  granting   the  loan.

5.       Hence order:-

: O R D E R :

          The  C.C.Case   is disposed  of on  context but in the  circumstances without  any  cost or compensation .The   petitioner  is allowed to surrender the  KOBELCO machine  before the opp.parties  on  any  working  day  within one  month of this  order and  on surrender of the  machine  by  the  petitioner  the opp.parties shall  receive it and  grant  receipt  to the petitioner. The opp.parties shall sale the  machine  immediately  preferably  within  one month of receiving the  same  from   the petitioner  with due  diligence and  proper manner. After sale of the  vehicle  the  sale  amount shall  be  adjusted  towards the  loan  dues and  the excess  loan  dues  if  any shall be  recovered  from the  petitioner  within  six  months   of the sale of   machine  with  nationalized  bank  rate  of  interest. If the  petitioner will fail to  make  the payment  within  six month  of the  auction, then  the  opp.parties  can charge  the  rate   of  interest  which  was  charged  at  the time of  granting   the   loan  for the  entire  period i.e   for    the period  from the  date of  auction  till  the  amount is  actually recovered from the petitioner, besides any other action for violating the order of this forum.