Madras High Court
M/S. Cholamandalam Investment And ... vs Sharad Laxman Kale on 29 July, 2020
Author: N.Sathish Kumar
Bench: N.Sathish Kumar
A.No.2225 of 2018
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 29.07.2020
CORAM :
THE HONOURABLE MR. JUSTICE N.SATHISH KUMAR
Application No.2225 of 2018
M/s. Cholamandalam Investment and Finace Company Ltd.
Rep. by its Authorised Signatory,
having office at 'Dare House', No.2, N.S.C. Bose Road,
Chennai – 600001. ... Applicant
Vs.
1. Sharad Laxman Kale
2. Laxman Bajirao Kale ... Respondents
PRAYER : Petition filed under Order XIV Rule 8 of O.S.Rules R/W Section
9 (ii) (b) of the Arbitration and Conciliation Act, 1996 to direct the
respondents to furnish security for the sum of Rs.3,63,414/- within a time
that may be fixed by this Court failing which to order attachment of the
immovable properties morefully described in the schedule to the Judges
summons pending initiation and disposal of arbitration proceedings
between the applicant and the respondents and till enforcement of the
award that may ultimately passed in the arbitration proceedings and a
copy of the attachment order be transmitted through the Principal District
Judge, District Court Jalna, Maharashtra and the attachment order may be
handed over to the applicant for transmission.
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A.No.2225 of 2018
For Applicant : M/s.D.Pradeep Kumar
*****
ORDER
This application has been filed to direct the respondents to furnish security for a sum of Rs.3,63,414/- within a time that may be fixed by this Court failing which attachment of the immovable properties morefully described in the Judges summons may be ordered.
2 Today, when the matter was taken up through video conferencing, the learned counsel appearing for the applicant submitted that the award has already been passed in the arbitral proceedings and the same has to be enforced.
3 In such view of the matter, it is open to the applicant to enforce the award as per law within a period of six months from the date of receipt of a copy of this order. Taking note of the fact that notice has already been served on the respondents to furnish security, the respondents are hereby restrained from encumbering the properties morefully described in the Judges summons for a period of six months.
4. In view of the above, the application is closed.
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