Madras High CourtA/3/2017ordered

M/S.Shriram City Union v. M.Cherukupally Bharath

2018-07-05Honourable Mrs Justice Pushpa Sathyanarayana3 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) THURSDAY THE 05TH DAY OF JULY 2018 THE HON'BLE MRS. JUSTICE PUSHPA SATHYANARAYANA A. No.3 of 2017 In the matter of Arbitration and Conciliation Act, 1996 And In the matter of Arbitration of dispute between M/s.Shriram City Union Finance Limited and Mr.M.Cherukupally Bharath Simha Reddy Loan Agreement No.NRYNDTF1405310001 dated 28.05.2014.

M/s.Shriram City Union Finance Limited, having its Registered office at No.123, Angappa Naicken Street, Chennai, rep. by its Authorised Signatory Mrs.C.Subha ... Applicant -VersusMr.M.Cherukupally Bharath Simha Reddy, H. No.6-172/1/18, Sudharshan Reddy Nagar, Chintal, Hyderabad-500 054 also at Flat No.408, 4th Floor, Sundaram Apartments, Ramraju Nagar, Suchitra, Jeedimetla, Hyderabad-500 055.

also at P.No.10, Radhika Colony, West Marredpally, Secunderabad-500 026.

... Respondent Application praying that this Hon'ble Court be pleased to furnish security to the tune of Rs.1,29,15,178/- or such sum as this Hon'ble Court may direct within such time that this Hon'ble Court may stipulate and in case of default to do so, order sale of the property of the respondent morefully described in the schedule to the Judge's Summons pending enforcement of the award.

This application coming on this day before this court for hearing the court made the following order:- This Court, upon hearing the learned counsel for the applicant, vide order dated 26.07.2017, directed the respondent to furnish security to the extent of the claim made being an amount of Rs.1,29,15,178/- in the application on or before 16.08.2017, failing which, sale of the property would be ordered.

2.When the matter is taken up for hearing today, learned counsel for the applicant would submit that no security has been furnished as directed by this Court. He would further submit that an award in arbitration between the applicant and the respondent has been passed as early as on 28.01.2016 in Arbitration Case No.D37/2015 and the same has attained finality.

3.Heard the learned counsel appearing for the applicant. Notice sent to the respondent has been returned with an endorsement "Unclaimed" and his name has been printed in the cause list, there is no appearance for the respondent.

4.The terms of sale of immovable property has been filed by the learned counsel for the applicant. In view of the fact that there are defaults in repayment of the loan

extended as early as in 2015 and in the light of award dated 28.01.2016, the application is liable to be ordered as prayed for.

5.This application stands ordered. The terms of the sale filed are made as a part of the order.

Sd./-P.S.N.J 05.07.2018 //Certified to be true copy// Dated at Madras this the day of 2018 JJ 03/09/2018 COURT OFFICER(O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.