CRR. 101, 128-11, S. 227-98 - 1 - VPH IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COURT RECEIVER REPORT No. 101 OF 2011 AND COURT RECEIVER REPORT 128 OF 2011 IN SUIT NO. 227 OF 1998 Indbank Merchant Banking Services Ltd. ... Plaintiff Vs. Kedia Great Galleon Ltd. & Ors. ... Defendants *** Mr. Kirit Mody i/b JMB Partners, for the Plaintiff. Mr. G. H. Ketkar, 1st Assistant, to the Court Receiver. *** CORAM : SMT. ROSHAN DALVI, J. DATED : JULY 21, 2011 P.C. 1. The Plaintiff bank sued the defendants on a hire purchase agreement dated 10-2-1996. The suit has been filed on 24th December 1997. The plaintiff bank valued the machinery which was hypothecated to the bank at Rs. 7.25 lakhs in the plaint. The value of the machinery as on the date of the suit as per the case of the plaintiff was Rs. 7.24 lakhs in 1998. CRR. 101, 128-11, S. 227-98 - 2 - 2. The plaintiff got the Court Receiver appointed. The Court Receiver took possession in May 1999. At the time the Court Receiver took possession, value of the machinery would have depreciated by one & half years. Hence, at that time value of the machinery would be Rs. 7.24 lakhs less 5% for each year. That was the value of the machinery which the Court Receiver had in his possession until suit is disposed of. Under Rule 591(5) of the Bombay High Court (Original Side) Rules, the plaintiff shall have to make payment of the amount, calculated @ 1% on such depreciated value of the machinery to the Court Receiver. The plaintiff shall make necessary payment within four weeks. Both the Court Receiver Reports are disposed of accordingly. [ SMT. ROSHAN DALVI, J.]