Allowed

M/S Cholamandalam Investment and Finance Co. Ltd., v. Mr.Haresh Shankarlal Bhamushali

Madras HC12 Jul 2019A/3693/2019

Case brief

AI extract

What is this about?

The applicant sought attachment of the respondent's immovable properties due to defaults on a vehicle loan secured by finance facilities. The court, satisfied with the prayer, ordered attachment of properties to ensure enforcement of the potential arbitration award, subject to the arbitration result.

What did the court decide?

Order for attachment of respondent's immovable properties and issuance of order via Dindoshi City Civil Court to applicant.

M/S Cholamandalam Investment and Finance Co. Ltd… — Execution and Attachment | Madras HC (2019)

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A.No.3693 of 2019

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PUSHPA SATHYANARAYANA, J.

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This application is filed by the applicant, seeking a direction to the respondent to furnish security to the tune of Rs.20,82,762.09 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 Dindoshi City Civil Court, Mumbai, Maharashtra and the attachment order may be hand delivered to the applicant for transmission.

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Heard Mr.D.Pradeep Kumar, learned counsel appearing for the applicant.

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Security was ordered to be furnished by order of this Court dated 07.06.2019. Notice sent to the respondent has been duly served and affidavit of service is also filed to that effect. Though the name of the

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respondent is printed in the cause list, there is no representation for him either in person or through counsel. Hence, service to the respondent is held sufficient.

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The respondent availed of finance facilities pursuant to Loan Agreement No.XVFPTEV00002371076 dated 19.04.2018 for a sum of

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http://www.judis.nic.in

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PUSHPA SATHYANARAYANA, J.

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vv/rsi

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Rs.21,00,000/- towards purchase of a vehicle. On account of defaults in repayment, proceedings for arbitration have been initiated and are pending. As of 23.05.2019, the respondent is liable to pay a sum of Rs.20,82,762.09 together with interest.

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In view of the above circumstances, this Court is satisfied that

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the prayer sought for by the applicant is warranted. Therefore, there shall

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be an order of attachment as prayed for in the judges summons and a copy of the attachment order be transmitted through the Dindoshi City Civil Court, Mumbai, Maharashtra and the same may be hand delivered to

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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.

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In view of the above, nothing further survives in this application

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and the same stands closed.

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12.07.2019

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Application No.3693 of 2019

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http://www.judis.nic.in

M/S Cholamandalam Investment and Finance Co. Ltd., v. Mr.Haresh Shankarlal Bhamushali

Case brief

What is this about?

What did the court decide?

M/S Cholamandalam Investment and Finance Co. Ltd., v. Mr.Haresh Shankarlal Bhamushali

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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