Indusind Bank Ltd v. Kgk Engineers Private Limited

C.SARAVANAN, J.

When the matter is taken up for hearing the learned Advocate Commissioner appears and submits that he has filed the Report at the Registry.

2. The learned counsel for the applicant confirms that the vehicle was seized. Registry is directed to put up the Report of the Advocate Commissioner.

3. The purpose for which this application was moved has been achieved. Therefore, there is no reason for keeping this application pending before this Court any longer. Suffice to state that the applicant should initiate Arbitral Proceedings within a period of ninety (90) days as is contemplated under Section 9 of the Arbitration and Conciliation Act, 1996.

4. In case no proceedings are initiated, the applicant is duty bound

to return the vehicle back to the respondent. It is made clear that the seized vehicle shall also not be alienated or sold and/or auctioned by the applicant without permission of the Arbitrator or the Executive Court.

5. Considering the fact that the learned Advocate Commissioner has spent three (3) days in successfully executing the warrant, Court is inclined to order additional remuneration of Rs.40,000/-.

6. Applicant is directed to pay the aforesaid amount to the learned Advocate Commissioner.

7. This application stands closed with the above observations and directions.

22.02.2024 rgm C.SARAVANAN, J.

rgm 22.02.2024