M/s.Electornica Finance Ltd. v. M/s.Sree Veltech Industru
Case brief
What is this about?
The High Court considered an application to appoint a receiver to seize scheduled machinery. Having noted an unconditional undertaking by the first respondent to allow disposal of one specific machine unit to adjust the loan dues, the Court closed the present application regarding that item.
What did the court decide?
Application closed granting liberty to approach the Court later for orders relating to the other four items of machinery.
What the court decided
1
IN THE HIGH COURT OF JUDICATURE AT MADRAS
(ORDINARY ORIGINAL CIVIL JURISDICTION)
TUESDAY, THE 4TH DAY OF JULY 2017
THE HON'BLE DR. JUSTICE ANITA SUMANTH
A. No.2023 of 2017
In the matter of Arbitration & Conciliation Act, 1996
and In the matter of Arbitration of dispute between M/s.Electronica Finance Limited and M/s.Sree Veltech Industry & others arising under Loan Agreement dated 30.12.2015 bearing Agreement No.105-18347-2016-2-3.
M/s.Electronica Finance Limited, No.1167, 57th Street, TVS Colony, Anna Nagar West Extension, Chennai-600 101 rep. by its Assistant Manager Mr.M.Murali
... Applicant
-Versus-
- M/s.Sree Veltech Industry, By its Proprietor Mr.Vetrivelan Magizhan,
Issues for consideration
1 issue framed by the court
Whether the application to appoint an employee as receiver to seize remaining machinery can be closed in light of the undertaking granted by the first respondent?
Parties & counsel
- applicant
M/s. Electronica Finance Limited
- respondent
M/s. Sree Veltech Industry
- respondent
M/s. V.K. Shear and Fold Industries
- respondent
Mr. Vetrivelan Magizhan
- respondent
Mrs. Malathi K.
- respondent
Case details
As recorded by the court registry
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