Indusind Bank Ltd v. D Veerasamy

C.SARAVANAN, J.

The learned Advocate Commissioner was appointed by this Court vide order dated 09.01.2024. The learned Advocate Commissioner has filed a report dated 19.03.2024. Same is taken on record.

2. In the report, the learned Advocate Commissioner has stated that the vehicle was seized and possession was handed over to the respondent and thereafter the learned Advocate Commissioner has returned back to Chennai. The learned Advocate Commissioner has also filed a memo for additional remuneration.

3. Considering the fact that the warrant has been successfully executed by the learned Advocate Commissioner, Court is inclined to order a sum of Rs.30,000/- as additional remuneration. 1/3

4. The applicant is directed to pay additional remuneration of Rs.30,000/- to the learned Advocate Commissioner.

5. The applicant is directed to initiate arbitral proceedings within a period of 90 days from the date of receipt of a copy of this order, failing which, the seized vehicle shall not be disposed. The applicant is permitted to move suitable application before the Arbitral Tribunal under Section 17 of the Arbitration and Conciliation Act, 1996 for early disposal of the seized vehicle.

6. This Arbitration Application stands closed with the above observations.

19.03.2024 (1/3) jas 2/3

C.SARAVANAN, J.

jas 19.03.2024 3/3