Law: Civil Procedure Code (V of 1908)

Section:

Lease financing---Leasing company had leased a motor car to the lessee company for a period of 336 days on payment of monthly rent---Period of lease had expired but two instalments of rental remained due with the lessee company when the lessee company went into liquidation---Leasing company being the owner of the car and period of lease having expired, lessee was required to hand over the car to the lessor which was his property. 1st Appeal No.44 of 1998 applied. ORDER The applicant, a leasing company, had leased on the request of the respondent-company (under liquidation) a car Model 1993 with Registration No. AAA-478 for a period of 336 months on payment of monthly rent of Rs.27,600. The period of lease has expired but two instalments of rental remained due with the respondent-company went into liquidation. The applicant, on the basis of agreement, has approached for the release of the vehicle. Case of the applicant is based under Article 23 of the Agreement, which requires that on expiration or earlier termination of the lease agreement, the lessee shall deliver/surrender up the equipment to the lessor. Article 23 reads as under:-- "Upon the expiration or earlier termination of this lease agreement for any reason whatsoever the lessee shall deliver and surrender up the equipment to the lessor at the address of the lessor stated in this lease agreement or at such other address as the lessor may specify or if so required by the lessor shall hold the equipment available for collection by the lessor or its agent without notice re-take possession of the equipment and may for that purpose enter upon any land or buildings on or in which the equipment is or is believed by the lessor or its agents to be situated and if the equipment or any part thereof is affixed so much land or buildings the lessor shall be entitled to sever the same therefrom and to remove the equipment or part thereof severed and the lessee shall be responsible for all damages caused to land…

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