Disposed

Cholamandalam investment v. Mr Mahesh Np

Madras HC1 Mar 2018A/7410/2017

Case brief

AI extract

What is this about?

Court held that since the vehicle was already seized and handed over, no further direction to appoint a receiver is needed. Applicant is restrained from alienating the vehicle during arbitration pendency without arbitrator directions.

What did the court decide?

Application closed; vehicle not to be alienated or encumbered by applicant during arbitration pendency without arbitrator directions.

Cholamandalam investment Vs Mr Mahesh Np — Arbitration | Madras HC (2018)

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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(ORDINARY ORIGINAL CIVIL JURISDICTION) THURSDAY, THE 1ST DAY OF MARCH 2018 THE HON'BLE DR. JUSTICE ANITA SUMANTH

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A.No.7410 of 2017

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In the matter of Arbitration & Conciliation Act, 1996

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And In the matter of Disputes between M/s. Cholamandalam Investment and Finance Company Ltd. and Mr.Mahesh NP ARISING UNDER lOAN AGREEMENT No.XVEPVPA00001360658 Dated 18.02.2015.

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M/s. Cholamandalam Investment and Finance Company Limited, ‘Dare House’, No.2, N.S.C. Bose Road, Parrys, Chennai – 600 001. Represented by its Authorised Signatory

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: Applicant

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Vs.

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Mr.MAHESH NP, S/o.Pokkan, Alakkottmeethal, Nidumparamba, Near Mudikkal Bridge, Kozhikode, Vanimel Kallachi, Kerala 673506.

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: Respondent

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Application praying that this Hon'ble Court be pleased to appoint employee of the Applicant viz. Mr.SUDHEER PT, SR.LEGAL EXECUTIVE as Receiver to seize and take possession of the vehicle, which is more fully described in the schedule to the Judges Summons which is lying in the custody of respondent or his men, agents, servants from his premises or wherever found with Police aid and break open of premises if necessary.

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This application coming on this day before this court for hearing in the presence of Mr.N.Santhosh Nagarajan, Advocate for the Applicant herein, and the respondent herein not appearing in person or by advocate and upon reading the order dated 22.11.2017 the court made the following order:

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Puruant to the warrant of commission issued by this Court to seize the vehicles, it is today represented by the learned counsel appearing for the applicant that the subject asset has been seized and handed over to the applicant company by the Receiver. He would also point out that arbitration proceedings have been initiated and are pending. The said statement is recorded.

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2.Though the respondent has been served and his name appears in the cause list, none appears on his behalf.

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3.In the above circumstances, nothing further survives in this application and the same stands closed. However, the vehicle shall not be alienated/altered/encumbered by the applicant during the pendency of the proceedings for arbitration without obtaining suitable directions in this regard from the Arbitrator. The parties are free to take such action, as they may desire hereafter, in accordance with law.

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WITNESS THE HON'BLE MS. INDIRA BANERJEE, CHIEF JUSTICE, HIGH COURT AT MADRAS AFORESAID, THIS THE 01ST DAY OF MARCH 2018

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ASSISTANT REGISTRAR (Comm. Cases)

TE/17/03/2018

A.No.7410 of 2017

ORDER

DATED :01.03.2018

THE HON'BLE DR.JUSTICE

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ANITA SUMANTH

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FOR APPROVAL: 20/03/2018

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APPROVED ON: 20/03/2018

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Copy to:-

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Mr.SUDHEER PT, SR.LEGAL EXECUTIVE receiver M/s.Cholamandalam Investment and Finance Company Limited 'Dare House', No.2, N.S.C.Bose Road, Parrys, Chennai - 600 001

Cholamandalam investment v. Mr Mahesh Np

Case brief

What is this about?

What did the court decide?

Cholamandalam investment v. Mr Mahesh Np

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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