M/S.Indusind Bank Ltd v. Ajithkumar C

Arb.Appln.No.614 of 2023 C.SARAVANAN, J.

This Arbitration Application is being closed as the purpose for which the above application was filed for appointment of an Advocate Commissioner by this Court vide order dated 03.11.2023 has been fulfilled.

2. The learned Advocate Commissioner has sought for additional remuneration of Rs.50,000/- for the work execution of warrant. He has also filed a Memo dated 01.12.2023. Same is taken on record.

3. Hence, Court is inclined to order additional remuneration of Rs.30,000/- to the learned Advocate Commissioner.

4. The learned counsel for the applicant is directed to ensure the additional remuneration is paid to the learned Advocate Commissioner within a period of two weeks from today. The learned Advocate Commissioner shall return the warrant to the Registry.

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

6. It is also made clear that the arbitration proceedings will be initiated within a period of ninety days from today and thereafter appropriate application shall be filed under Section 17 of the Arbitration and Conciliation Act, 1996. In case no such application is filed, the seized vehicle shall be returned to the respondent.

7. With the above observations, this Arbitration Application stands closed.

11.12.2023 arb

C.SARAVANAN, J.

arb Arb.Appln.No.614 of 2023 11.12.2023