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Madras High CourtA/4402/2018closed

M/S.Shriram City Union Finance v. Mr.S.Nehru Proprietor

2019-03-21Honourable Mrs Justice Pushpa Sathyanarayana4 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) THURSDAY, THE 21st DAY OF MARCH 2019 THE HON'BLE MR. JUSTICE R.SURESH KUMAR A. Nos.4402 to 4404 of 2018 A. No.4402 of 2018:- In the matter of Arbitration & Conciliation Act, 1996 and In the matter of - Arbitration of dispute between - Proprietor of M/s.R.A.N.Sangeetha Enterprises - Loan Agreement No.TFHO1TF1602170002 dated 07.02.2016 security to the tune of Rs.97,45,624/- or such sum as this Hon'ble Court may direct; within such time that this credit of the above application pending enforcement of the award.

A. No.4403 of 2018:- In the matter of Arbitration & Conciliation Act, 1996 and In the matter of - Arbitration of dispute between - Proprietor of M/s.R.A.N.Sangeetha Enterprises - Loan Agreement No.TFHO1TF1608030002 dated 03.08.2016 security to the tune of Rs.1,08,76,606/- or such sum as this Hon'ble Court may direct; within such time that this credit of the above application pending disposal of the arbitration proceedings enforcement of the award. A. No.4404 of 2018:- In the matter of Arbitration & Conciliation Act, 1996 and In the matter of - Arbitration of dispute between - Proprietor, M/s.R.A.N.Sangeetha Enterprises - Loan Agreement No.TFHO1TF1703240001 dated 22.03.2017

security to the tune of Rs.1,01,58,611/- or such sum as this Hon'ble Court may direct; within such time that this credit of the above application pending enforcement of the award.

These applications coming on this day before this court for hearing, the Court made the following order:- The learned counsel appearing for the applicant as well as the respondent submitted that, after negotiation some settlement has been reached, according to which, the total due of Rs.3.2 Crores have been reduced to Rs.2.8 crores, which shall be paid by the respondent. Out of said sum of Rs.2.8 Crores reduced due, since the respondent has already paid Rs.1,00,00,000/- (Rupees One Crore Only), the remaining due shall be Rs.1.8 Crores.

2. This Rs.1.8 Crores due as of now shall be

repayed with the following schedule :

(1) that the respondent shall pay a sum of Rs.80,00,000/- (Rupees Eighty Lakhs Only) on or before 15.04.2019;

(2) the remaining sum of Rs.1,00,00,000/- (Rupees One Crore Only) shall be paid on or before 15.05.2019.

(3) With these time schedule, the entire amount of Rs.1.8 Crores shall be paid by the respondent and once this amount is received, as per the afore mentioned schedule, the applicant company shall close the account.

3. It is made clear that, if the respondent has not paid the amount as per the schedule referred to above or not strictly adhered to the time schedule, it is open to the applicant company to proceed against the respondent, which includes the receiver already been appointed in this matter, can proceed in accordance with law.

With this observation / order these applications are disposed of.

Sd./-R.S.K.J 21.03.2019 //Certified to be true copy// Dated at Madras this the day of 2019. JJ 09/07/2019 COURT OFFICER(O.S.) From 25th day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.