Tata Capital Financial Services Limited Represented Herein By Its Authorised Representative v. M/S.Aryaa Krishna Automotives Private Limited And 4 Others

IN THE HIGH COURT OF JUDICATURE AT MADRAS

Dated : 16.02.2021

CORAM

THE HONOURABLE Ms. JUSTICE P.T. ASHA Tata Capital Financial Services Limited, Represented herein by its Authorised Representative 1st Floor, Centennial Square, 6 A, Dr. Ambedkar Salai, Kodambakkam, Chennai - 600024 having its registered office at:

Tower A, 1101 Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013.

... Applicant Vs.

1.M/s.Aryaa Krishna Automobiles Pvt Ltd S.No.81/2, NH 63, Ground FI, Hospet Road, Bellary 583104.

2.G.Jayaprakash Naidu 3.G.Majojaa 4.Bajaj Finance 46th Cross, Sangam Circle, 8th Block, Jayanagar, Bangalore - 560070.

5.G.P.Venkat Naidu ... Respondents 1/4

Prayer: Application filed under Section 9 of the Arbitration and Conciliation Act, 1996, to direct the 4th respondent to deposit the balance amounts realised out of sale of the property situated at S.No.32/2 measuring to an extent of 2 Acres 22 guntas and another Survey No.32/3 measuring to an extent of 20 guntas coming under BBMP Ward No.8, BBMP Katha No.2950/32/2 & 32/3 at Kothihossahalli Village, Yelahanka Hobli, Bangalore North Taluk morefully described hereinbelow after due satisfaction of their loan pending disposal of the Arbitration Proceedings. For Applicant :

Mr.Gaurav Chatterjee For Respondents 1 to 3 :

Mr.R.Palaniandavan For Respondent 4 :

Mr.G.Rajkumar For Respondent 5 :

Mr.K.Elangovan

ORDER

The above application has been filed for a direction to the 4th respondent to deposit the balance amount realised out of the sale of the property situated at S.No. 32/2 measuring to an extent of 2 Acres 22 guntas and another Survey No.32/3 measuring to an extent of 20 guntas coming under BBMP Ward No.8, BBMP Katha No.2950/32/2 & 32/3 at 2/4

Kothihossahalli Village, Yelahanka Hobli, Bangalore North Taluk after due satisfaction of their loan pending disposal of the Arbitration Proceedings.

2. The learned counsel for the 5th respondent, G.P.Venkat Naidu would submit that he has nothing to do with the firm or the loan borrowed and that he owns 50% of the property in question. The parties have no objection to directions being restricted to the balance 50%, subject to the 4th respondent realising the amounts due to them.

3. The application is closed. It is made clear that the amount after realising their dues shall be retained by the 4th respondent till the disposal of the arbitration proceedings.

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