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Madras High CourtA/3247/2018ordered

M/S.Aurofood Private Limited v. M/S.The Oriental Insurance

2018-04-16Honourable Mr Justice M.M.Sundresh4 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) MONDAY, THE 16th DAY OF APRIL 2018 THE HON'BLE MR. JUSTICE M.M.SUNDRESH A. No.3247 of 2018 in A. No.1089 of 2018 in O.P. No.122 of 2018 In the matter of Arbitration and Conciliation Act of 1996 and In the matter of Arbitration between M/s.Auro Food Pvt.

Ltd., Post T.C. Balam-605111 Pondicherry and The Divisional Manager,

1. The Oriental Insurance Co. Ltd., Divisional Office No.2, Mayflower Building, Second Floor, ATT Colony, Coimbatore-641 018.

2. Chief Regional Manager, The Oriental Insurance Co.

Ltd., Coimbatore Region, 72, Balasundaram Road, ATT Colony, Coimbatore-641 018 and In the matter of Arbitration Award dated 20.08.2017 and order passed under Section 31(1) of the Arbitration and Conciliation Act, 1996 dated 20.08.2017

1. The Oriental Insurance Co. Ltd., Divisional Office No.II, May Flower Building, 2nd Floor, ATT Colony, Coimbatore-641 018 rep. by its Senior Divisional Manager,

2. The Oriental Indusrance Co. Ltd., Coimbatore Region, No.72, Balasundaram Road, ATT Colony, Coimbatore-641 018 rep.by its Chief Regional Manager..Applicants/Petitioners

-Versus1. M/s.Auro Food Private Ltd., T.C.Balam (Post)-605 111 Pondicherry.

2. Mr.N.Veeraraghavan, No.3, First Street, Gopalapuram, Chennai-600 086.

3. Mr.RM.Mayileru, No.78, Third Street, Gandhipuram, Coimbatore-641 012.

4. Mr.R.L.Asawa, Century Plaza, II Floor, 87-89, D.B.Road, Coimbatore-641 002. ... Respondents/Respondents A. No.3247 of 2018:- M/s.Auro Food Private Ltd., T.C.Balam (Post)-605 111 Pondicherry, rep. by its Managing Director, Mr.B.M.Patel ... Applicant/1st Respondent -Versus1. The Oriental Insurance Co. Ltd., Divisional Office No.II, May Flower Building, 2nd Floor, ATT Colony, Coimbatore-641 018 rep. by its Senior Divisional Manager,

2. The Oriental Insurance Co. Ltd., Coimbatore Region, No.72, Balasundaram Road, ATT Colony, Coimbatore-641 018 rep.by its Chief Regional Manager ... Respondents/Applicants/Petitioners

3. Mr.N.Veeraraghavan, No.3, First Street, Gopalapuram, Chennai-600 086.

4. Mr.R.M.Mayileru, No.7B, Third Street, Gandhipuram, Coimbatore-641 012.

5. Mr.R.L.Asawa, Century Plaza, II Floor, 87-89, D.B.Road, Coimbatore-641 002...Respondents3 to 5/Respondents2 to 4 Application praying that this Hon'ble Court be pleased to modify the order dated 21.02.2018 passed in A. No.1089 of 2018 in O.P. No.122 of 2018 to the extent that the applicant is permitted to furnish bank guarantee as security for an amount of Rs.25 lakhs in lieu of furnishing security of immovable property as directed by this Hon'ble Court in its order dated 21.02.2018.

This Application coming on this day before this Court for hearing the court made the following order:- Seeking to modify the order dated 21.02.2018 passed in A.No.1089 of 2018 in O.P.No.122 of 2018, this application has been filed.

2.Learned counsel appearing for the applicant would submit that instead of furnishing security to the immovable property for a sum of Rs.25 lakhs, the applicant may be directed to give bank guarantee.

3.Learned counsel appearing for the respondents does not have any serious objection for the same.

4.In such view of the matter, the order dated 21.02.2018 stands modified by permitting the applicant herein to furnish a bank guarantee for a sum of Rs.25

lakhs. The bank guarantee shall remain in force for a period of one year which can be renewed by the orders of the Court thereafter in the event of original petition not being disposed of. Compliance will have to be made within a period of six weeks from the date of receipt of a copy of this order. The application is ordered accordingly. Sd/.M.M.S.J 16.04.2018 //Certified to be a true copy// Dated this the day of 2018 JJ 26/04.2018 COURT OFFICER From 25.09.2008 the Registry is issuing certified copies of the Order/Judgment Decree in this format.