Ms.N.Sathish Kumar v. M/S.Kotak Mahindra Bank Ltd.,

IN THE HIGH COURT OF JUDICATURE AT MADRAS

Dated : 27.11.2020 Coram THE HONOURABLE MR. JUSTICE M.SUNDAR Ms.N.Sathish Kumar Sri Murugan Motors and Earth Movers No.593-1, NH 47, Gold Coins Avinashi Road Civil Airodrome Post, Coimbatore Pin- 641 014.

... Petitioner vs.

1. M/s.Kotak Mahindra Bank Ltd., Rep. by its Authorised Signatory 2nd Floor, 3 Dass India Tower 2nd Line Beach, Parrys Chennai-600 001.

2. D.Saravanan Sole Arbitrator Orient Chambers 4th Floor, No.90/73, Armenian Street Chennai-600 001.

3. Thiru C.Thangadurai No.1-157 Kilaveedi Naduvaloor Post Gangavalli Salem Pin - 636 105.

... Respondents Original Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996, to set aside the ex-parte award of the sole Arbitrator / 2nd respondent passed in A.C.P.(Kotak) No.300 of 2010 Page No.1/4

dated 15.12.2014 as against the petitioner herein with costs. For petitioner : Mr.S.Saravanan For Respondents : Mr.Kiran Manokaran for Mr.K.Moorthy for R1

O R D E R

Captioned 'Original Petition' ('OP' for the sake of brevity) has been listed under the caption 'FOR REPORTING SETELEMENT'.

2. Mr.S.Saravanan, learned counsel on record for sole petitioner and Mr.Kiran Manokaran, learned counsel representing Mr.K.Moorthy, counsel on record for contesting first respondent are before me in this web hearing on a video conferencing platform.

3. Learned counsel for petitioner has filed a memo dated 19.11.2020 enclosing 'One Time Settlement offer' ['OTS' for the sake of convenience and clarity] from contesting first respondent, photo copies of demand draft paid by sole petitioner pursuant to OTS and more importantly, a communication dated 19.11.2020 from the contesting first respondent wherein, contesting first respondent has confirmed that payment pursuant to OTS has been received by way of demand draft towards full and final settlement of the loan account. This memo together with enclosures shall be annexed to this order form part of this order. Scanned copy of letter/receipt dated 19.11.2020 of contesting first Page No.2/4

respondent is as follows:

Page No.3/4

M.SUNDAR.J., mk

4. Aforementioned learned counsel on both sides submit in unison that the impugned award now stands fully satisfied in terms of OTS and therefore, nothing survives in captioned OP. This common submission of both learned counsel is recorded and captioned OP is disposed of as closed recording the above narrative. There shall be no order as to costs.

27.11.2020 Speaking/Non-speaking order Index : Yes / No Internet : Yes / No mk Page No.4/4