Madras High CourtArb Appln/365/2021allowed

M/S. Cholamandalam Investment v. Mr.Prasanth Raj And Another

2021-12-23Honourable Mr Justice Senthilkumar Ramamoorthy8 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) THURSDAY THE 23RD DAY OF DECEMBER 2021 THE HON'BLE MR. JUSTICE SENTHILKUMAR RAMAMOORTHY Arb.Appln.No.365 of 2021 in A. No.5815 of 2017 A. No.5815 of 2017:- In the matter of Arbitration and Conciliation Act, 1996 And In the matter of Disputes between M/s. Cholamandalam Investment and Finance Company Ltd., and Mr.

Prasanth Raj & another arising under Loan Agreement No.

XVFPKTM00001425991 Dated 31.05.2015.

M/s. Cholamandalam Investment and Finance company Limited 'Dare House', No.2, N.S.C.Bose Road, Parrys, Chennai - 600 001.

Represented by its Authorised Signatory : Applicant/Applicant (in both Applications) Vs.

1. Mr.Prasanth Raj S/o. Rajasekharan Nair Kalarickal (H), Thirunakkara South PO, Kottayam, Kerala - 686001.

2. Mrs.Vijayamma Rajasekharan Nair W/o. Rajasekharan Nair Kalarickal (H), Thirunakkara South PO,

Kottayam, Kerala - 686001.

: Respondents/Respondents (in both Applications) Arb.Appln.No.365 of 2021:- Arbitration Application praying that this Hon'ble Court be pleased to raise the order of attachment dated 05.01.2018 made in Application No.5815 of 2017 attaching the immovable property morefully described in the schedule to the Judges Summons and a copy of the order raising attachment be transmitted through the District Court, Kottayam, Kerala and communicated to SRO Kottayam Additional.

This Arbitration application coming on this day before this court for hearing in the presence of Mr.D.Pradeepkumar, Advocate for the Applicant herein, and upon reading the Judge's Summons and the Affidavit of S.Sivasubramanian filed herein, and the order dated 05.01.2018 made in A.No.5815 of 2017, It is ordered as follows:

That the order of attachment granted in pursuance of the order dated 05.01.2018 made in A. No.5815 of 2017 attaching the immovable properties morefully setout in the schedule hereunder, be and are hereby raised.

SCHEDULE OF PROPERTY District : Kottayam Sub District : Kottayam Additional Taluk : Kottayam Village : Perumbaikaddu Desham : Mallussery Panchayath : Kumaranelloor Block No : 26 Re.Survey No : 520/13/2, 520/13/4, 520/13/5 Old Survey No : 129/1B/1, 130/6B/1 Extent : 1 Ares 0.08 sqm, 1 Ares 0.32sqm, 0.92 Ares Right : Pandaravakapattam Description Property having total extent of 1 Ares 0.08 sqm, I Ares 0.32 Sqm, 0.92 Ares of property obtained by Vijayamma, W/o.Rajasekharan Nair, Kalarikal Veedu as per Sale Deed No.2/2008 of Kottayam Additional Sub Registrar Office in Re.Survey No.520/13/2, 520/13/4, 520/13/5 in Old Survey No.129/1B/1, 130/6B/1 in Block NO.26 of Perumbaikaddu Village including house and all other structures therein. Boundaries North : Property of Viswanadhan Nair East : Road

South : Property of Edayanjiliyil T.T.Jose West : Property of Chenthittayil Kunjumhammad Within SRO Kottayam Additional WITNESS THE HON'BLE MR.JUSTICE MUNISHWAR NATH BHANDARI, ACTING CHIEF JUSTICE, HIGH COURT AT MADRAS AFORESAID, THIS THE 23rd DAY OF DECEMBER 2021. Sd/- ASSISTANT REGISTRAR (Comm.Cases) //Certified to be true copy// Dated at Madras this the day of 2022. COURT OFFICER(O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.

MU 04.01.2022 Arb.Appln.No.365 of 2021 in A. No.5815 of 2017

ORDER

DATED : 23.12.2021 THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY FOR APPROVAL: 05.01.2022 APPROVED ON: 06.01.2022 Copy to:

1. The District Court, Kottayam, Kerala.

2. The Sub-Registrar Sub - Registrar's Office Kottayam Additional, Kerala.

IN THE HIGH COURT OF JUDICATURE AT MADRAS

Prasanth Raj & another arising under Loan Agreement No.

XVFPKTM00001425991 Dated 31.05.2015.

M/s. Cholamandalam Investment and Finance company Limited 'Dare House', No.2, N.S.C.Bose Road, Parrys, Chennai - 600 001.

Represented by its Authorised Signatory : Applicant Vs.

1. Mr.Prasanth Raj S/o. Rajasekharan Nair Kalarickal (H), Thirunakkara South PO, Kottayam, Kerala - 686001.

2. Mrs.Vijayamma Rajasekharan Nair W/o. Rajasekharan Nair Kalarickal (H), Thirunakkara South PO, Kottayam, Kerala - 686001.

: Respondents

Arb.Appln.No.365 of 2021:- Application praying that this Hon'ble Court be pleased to raise the order of attachment dated 05.01.2018 made in Application No.5815 of 2017 attaching the immovable property morefully described in the schedule to the Judges Summons and a copy of the order raising attachment be transmitted through the District Court, Kottayam, Kerala and communicated to SRO Kottayam Additional.

This Application coming on this day before this court for hearing the court made the following order:- This application is filed to raise order of attachment dated 05.01.2018 in A.No.5815 of 2017, whereby the immovable property morefully described in the schedule of the Judges summons was attached.

2. The applicant is the lender. On the ground that the respondents had failed to discharge their dues under the relevant loan agreement, A.No.5815 of 2017 was filed seeking attachment of an asset of the respondents pending arbitral proceedings. Pursuant thereto, the order of attachment dated 05.01.2018 was passed. Subsequently, it appears that the respondents concluded a settlement with the agreement as stated in paragraph-4 of the affidavit.

3. Since the order of attachment operates against the asset of the respondents, an order raising the said attachment would enure to the benefit of the respondents. Therefore, notice to the respondents is dispensed with.

4. For reasons set out above, the order of attachment dated 05.01.2018

in A.No.5815 of 2017 is raised. As a consequence, it is directed that a copy of the order be transmitted through the District Court, Kottayam, Kerala to the Sub Registrar Office, Kottayam Additional.

Sd./-S.K.R.J.

23.12.2021 //Certified to be true copy// Dated at Madras this the day of 2022. COURT OFFICER(O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.