M/S.Cholamandalam Investment And Finance Co.,Ltd., v. Mr.Jaydeep Maheshkumar Thakkar And Another

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED : 20.08.2020

CORAM

THE HONOURABLE MR. JUSTICE N. SATHISH KUMAR 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.Jaydeep Maheshkumar Thakkar 2.Maheshbhai Babulal Thakkar ... Respondents PRAYER : Petition filed under Order XIV Rule 8 of O.S.Rules r/w. Section 9 (ii)(b) of the Arbitration and Conciliation Act, 1996, to direct the Respondents to furnish security for a sum of Rs.2,18,804.77 within a time fixed by this Court failing which to order attachment of the immovable properties morefully described in the schedule to the Judges summons pending initiation and disposal of arbitration proceedings between the applicant and the respondents and till enforcement of the award that may be ultimately passed in the arbitration proceedings and a copy of the attachment order be transmitted through the District Court, Vadodara, Page 1/4

Gujarat, and the attachment order may be hand delivered to the applicant for transmission.

For Applicant : Mr.D.Pradeep Kumar For Respondents : No appearance

O R D E R

This application has been filed to direct the respondents to furnish security to the tune of Rs.2,18,804.77 failing which to order attachment of the property morefully described in the schedule to the Judges summons, pending initiation and disposal of the arbitration proceedings. 2.This Court, by an order dated 19.03.2020, had directed the respondents to furnish security. Despite the same, the respondents have not furnished security. Hence, the applicant seeks for an order of attachment of the property of the respondents.

3.In view of the same, there shall be an interim order of attachment of property as against the respondents. In the meanwhile, the Page 2/4

applicant shall initiate arbitration proceedings within three months, if not already initiated, failing which, the interim order granted by this Court will stand automatically vacated. Registry is directed to intimate this order of attachment to the concerned Registrar.

4.With the above observations, this application is closed. 20.08.2020 mkn Internet : Yes Index : Yes/No Speaking order / Nonspeaking order Page 3/4

N. SATHISH KUMAR, J.

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