M/S.Shriram City Union Finance Limited v. T.M. Rajan S/O.Meenakshisundaram

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) FRIDAY, THE 25TH DAY OF SEPTEMBER 2020 THE HON'BLE MR. JUSTICE N.SATHISH KUMAR A. No.3108 of 2019 In the matter of Arbitration and Conciliation Act, 1996 And In the matter of - Arbitration of dispute between - Mr. T.M. Rajan - Loan Agreement No:WMMBRTF1604300001; dated 30.04.2016.

M/S.SHRIRAM CITY UNION FINANCE LIMITED, HAVING ITS REGISTERED OFFICE AT NO: 12, RAMASAMY STREET, T.NAGAR, CHENNAI, REP.BY ITS AUTHORISED SIGNATORY, MRS. E. RAMYA ...Applicant

VERSUS

MR. T.M. RAJAN, SON OF MR. MEENAKSHISUNDARAM, NO: 184, 1ST CROSS STREET EXTENSION, HERITAGE JAYENDRA NAGAR, SEMBAKKAM, NEAR SELAIYUR , SEMBAKKAM BUS STOP, KANCHEEPURAM DISTRICT - 600 073. ...Respondent Application praying that this Hon'ble Court be pleased to pass an order directing the respondent to furnish security to the tune of

/ 2 / Rs.14,05,300/- 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 more fully described in the schedule to the Judge's Summons and to deposit the sale proceeds into this Hon'ble Court to the credit of the above application pending initiation, disposal of the arbitration proceedings and the enforcement of the award. This Application coming on this day before this court for hearing the court made the following order:

This application has been filed to direct the respondent to furnish security to the tune of Rs.14,05,300/-, and in case of default to do so, order sale of the property of the respondent morefully described in the Schedule to the Judges Summons and to deposit the sale proceeds to the credit of the above application pending initiation and disposal of the arbitration proceeding and enforcement of the award.

2. Today, when the matter is taken up for hearing, there is no representation on either side. Instant application is pending from the year 2019 and whether arbitration is initiated or not has not informed this Court. Further, from the application, it can be seen that the properties have been

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3. In such a view of the matter, mere for the sake of relief, order of furnishing security, cannot be ordered. Accordingly, instant application is closed.

Sd/.N.S.K.J 25.09.2020 //Certified to be a true copy// Dated this the th day of 2020. SS/20.10.2020 COURT OFFICER(O.S.) From 25.09.2008 the Registry is issuing certified copies of the Order/Judgment Decree in this format.