On an application for attachment of respondent immovable properties pending arbitration due to default on finance loan facilities, the court exercised jurisdiction to order attachment as prayed.
Attachment order of respondent immovable properties pending arbitration and disposal transmittable through court.
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Application No.3720 of 2014
Dr.ANITA SUMANTH, J.
This application is filed by the applicant, seeking a direction to the respondent to furnish security to the tune of Rs.24,80,847/- failing which to order attachment of the immovable properties morefully described in the judges summons pending initiation and disposal of arbitration proceedings between the applicant and the respondent and till enforcement of the award that may be ultimately passed in the arbitration proceedings and a copy of the attachment order be transmitted through the Court and the attachment order may be hand delivered to the applicant for transmission.
2.Heard Mr.M.Arvind Subramaniam, learned counsel appearing for the applicant.
4.The first respondent availed of finance facilities pursuant to Loan Agreement No.TFH01TF1204270005, dated 27.04.2012 for a sum of
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Dr.ANITA SUMANTH, J.
smi
Rs.15,00,000/- for the purpose of business expansion. On account of defaults
in repayment, proceedings for arbitration have been initiated and are pending. As of 20.05.2014, a sum of Rs.24,80,847/- is stated to be outstanding from the respondents.
sought for by the applicant is warranted. Therefore, there shall be an order of attachment as prayed for in the judges summons and a copy of the attachment order be transmitted through Court and the same may be hand delivered to the applicant for transmission. Needless to mention, the order of attachment is subject to the result of the arbitration stated to be pending as between the parties.
the same stands closed. The parties are free to take such action, as they may desire hereafter, in accordance with law.
22.06.2017
smi
Application No.3720 of 2014 http://www.judis.nic.in
1 issue framed by the court
Whether security furnishable must be enforced by attachment of respondent immovable properties pending arbitration.
1 provisions across 1 enactments
Anita Sumant
Respondent
Dr. Anita Sumanth
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
