Amod Stampings Private Ltd v. M/S.Universal Logistics

Application No.2019 of 2019 PUSHPA SATHYANARAYANA, J.

This application is filed by the applicant, seeking a direction to the respondents to furnish security to the tune of Rs.5,43,660.54/- failing which to order attachment of the immovable properties more fully described in the judges summons pending initiation and disposal of arbitration proceedings between the applicant and the respondents 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 District Court, Tuticorin, and the attachment order may be hand delivered to the applicant for transmission.

2. Heard the learned counsel appearing for the applicant.

3. Security was ordered to be furnished by order of this Court dated 18.03.2019. Though the respondents are represented through a counsel, today there is no representation for them either in person or through counsel. Hence, service to the respondents is held sufficient. 4.The respondents availed of finance facilities pursuant to Loan Agreement No.XSHUTUT00002053825 dated 26.07.2017 for a sum of http://www.judis.nic.in Rs.5,39,087/- towards purchase of a vehicle. On account of defaults in

PUSHPA SATHYANARAYANA,J.

drl repayment, proceedings for arbitration have been initiated and are pending. As of 05.03.2019, a sum of Rs.5,43,660.54 is stated to be outstanding. 4.In view of the above circumstances, this Court satisfied that the prayer sought for by the applicant is warranted. Therefore, there shall be an order of attachment as prayed for in the judges summons and a copy of the attachment order be transmitted through the District Court, Tuticorin, and the same may be hand delivered to 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.

5. In view of the above, nothing further survives in this application and the same stands closed. The parties are free to take such action, as they may desire hereinafter, in accordance with law.

27.09.2019 drl http://www.judis.nic.in Application No.2019 of 2019