The applicant sought attachment of the respondents' immovable properties for security pending arbitration arising from loan defaults. The court directed attachment as prayed.
Attachment of immovable properties of the respondents was ordered to serve as security pending arbitration proceedings.
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Application No.1681 of 2019
PUSHPA SATHYANARAYANA, J.
This application is filed by the applicant, seeking a direction to the respondents to furnish security to the tune of Rs.3,51,630.51/- failing which to order attachment of the immovable properties more fully described in the judges summons pending initiation and disposal of arbitration proceedings between the applicant and the respondents 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 Subordinate Court, Kuzhithurai and the attachment order may be hand delivered to the applicant for transmission.
4.The respondents availed of finance facilities pursuant to Loan Agreement No.XSHUMDM00002105817 dated 20.09.2017 for a sum of
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PUSHPA SATHYANARAYANA,J.
Rs.3,92,000/- towards purchase of a vehicle. On account of defaults in repayment, proceedings for arbitration have been initiated and are pending. As of 20.02.2019, a sum of Rs.3,51,630.51/- is stated to be outstanding.
5.In view of the above circumstances, this Court satisfied that the prayer 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 the Subordinate Court, Kuzhithurai 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.
and the same stands closed. The parties are free to take such action, as
they may desire hereinafter, in accordance with law.
04.10.2019
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Application No.1681 of 2019
Applicant
Respondents
Pushpa Sathyanarayana
As recorded by the court registry
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