M/S.Indusind Bank Ltd v. Vignesh P

C.SARAVANAN, J.

The learned counsel for the applicant submits that the Advocate Commissioner appointed by this Court by its Order dated 06.11.2023 has executed the warrant, seized the vehicle and handed over the same to the applicant for safe custody.

2. Therefore, the purpose for which the above application was filed for appointment of an Advocate Commissioner has been fulfilled and therefore no further orders are required to be passed in this Arbitration Application.

3. Although no report has been filed, recording the submission of the learned counsel for the applicant, Court is inclined to close this application by directing the applicant to initiate arbitration proceedings within a period of ninety days from the date of receipt of a copy of this order.

4. Considering the nature of work carried out and the time spent by the Advocate Commissioner, Court is inclined to order Additional Remuneration of Rs.20,000/- (Rupees Twenty Thousand only) to the Advocate Commissioner.

5. The learned counsel for the applicant is directed to ensure the Additional Remuneration is paid to the learned Advocate Commissioner within a period of fifteen days from today. The learned Advocate Commissioner shall return the warrant to the Registry.

6. This Arbitration Application is closed with liberty to the applicant to move appropriate application before the learned Arbitrator for disposal of the seized vehicle. In case no such application is filed, the seized vehicle shall be returned to the respondent.

7. It is made clear that the seized vehicle shall not be disposed or transferred or alienated without permission of the learned arbitrator or the jurisdictional Execution Court.

18.01.2024 arb C.SARAVANAN, J.

arb 18.01.2024