Cholamandalam Investement And Finance Co.Ltd v. Mr.Murugan S

A.No.7674 of 2018 PUSHPA SATHYANARAYANA, J.

This application is filed by the applicant, seeking a direction to the respondent to furnish security to the tune of Rs.4,72,427.79 failing which to order attachment of the immovable properties morefully described in the judges summons pending initiation and disposal of 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, Sulur and the attachment order may be hand delivered to the applicant for transmission.

2. Heard Mr.N.Santhosh Nagarajan, learned counsel appearing for the applicant.

3. Security was ordered to be furnished by order of this Court dated 13.06.2019. Notices sent to the respondent has been returned with an endorsement "Not Found" and affidavit of service is also filed enclosing returned cover. Paper Publication was also effected on the respondent. Though the name of the respondent is printed in the cause list after service by paper publication, there is no representation for him either in person or through counsel. Hence, service to the respondent is held sufficient.

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PUSHPA SATHYANARAYANA, J.

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4. The respondent availed of finance facilities pursuant to Loan Agreement dated 17.01.2017 for a sum of Rs.4,61,400/- towards purchase of a vehicle. On account of defaults in repayment, proceedings for arbitration have been initiated and are pending. As of 29.08.2018, the respondent is liable to pay a sum of Rs.4,72,427.79 together with interest.

5. 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, Sulur 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.

6. 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 hereafter, in accordance with law. 11.07.2019 vv Application No.7674 of 2018 http://www.judis.nic.in