M/S.Cholamandalam Investment And Finance Co.,Ltd., v. Mrs.Maragatham A

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED : 28.08.2020 CORAM :

THE HONOURABLE MR.JUSTICE N.SATHISH KUMAR Application No.8866 of 2019 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 versus Maragatham A, W/o.Arumugam ...

Respondent Prayer: Application filed under Order XIV Rule 8 of Original Side Rules read with Section 9(ii)(b) of the Arbitration and Conciliation Act, 1996, to direct the respondent to furnish security for the sum of Rs.2,30,468.18 within a time fixed by this Court, failing which to order attachment of the immovable property morefully described in the Schedule to the Judges Summons pending disposal of the arbitration proceedings between the applicant and the respondent 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 Subordinate Court, Coimbatore and the attachment order may be hand delivered to the applicant for transmission.

For Applicant : Mr.N.Santhosh Nagarajan For Respondent : No Appearance 1/4

O R D E R

This application has been filed by the applicant, seeking a direction to the respondent to furnish security for the sum of Rs.2,30,468.18 within a time fixed by this Court, failing which to order attachment of the immovable property morefully described in the Schedule to the Judges Summons pending disposal of the arbitration proceedings between the applicant and the respondent 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 Subordinate Court, Coimbatore and the attachment order may be hand delivered to the applicant for transmission.

2. Security was ordered to be furnished by order of this Court dated 31.07.2020. Notice sent to the respondent was served and an affidavit of service is also filed to that effect. Though the name of the respondent is printed in the cause list, there is no representation for her either in person or through counsel. Hence, service to the respondent is held sufficient.

3. The respondent availed of finance facilities pursuant to Loan 2/4

Agreement No.XSHUCVF00002389752 dated 30.04.2018 for a sum of Rs.1,96,892/- towards purchase of a vehicle. On account of defaults in repayment, proceedings for arbitration have been initiated and are pending in Arbitration Case. As of 31.10.2019, the respondent is liable to pay a sum of Rs.2,30,468.18, together with interest.

4. In view of the above circumstances, this Court is satisfied that the prayer sought for by the applicant is warranted. Therefore, there shall be an order of attachment as prayed for in the Judges summons and a copy of the attachment order be transmitted through the Subordinate Court, Coimbatore and the same may be hand delivered to the applicant for transmission. Needless to mention, the order of attachment is subject to the result of the arbitration stated to be pending as between the parties.

5. In view of the above, nothing further survives in this application and the same stands closed. The parties are free to take such action, as they may desire hereinafter, in accordance with law. 28.08.2020 sri 3/4

N.SATHISH KUMAR, J.

sri Application No.8866 of 2019 28.08.2020 4/4