Madras High CourtOP/1063/2018disposed of

M/S.Chandrasekaran v. Raga Foundations Pvt.Ltd.

2018-12-03Honourable Mr Justice S. Vaidyanathan2 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) FRIDAY, THE 1ST DAY OF FEBRUARY 2019 THE HON'BLE MR. JUSTICE S.VAIDYANATHAN O.P.No.1063 of 2018 and A. No.9241 of 2018 In the matter of Arbitration and Conciliation Act, 1996 and In the matter of M/s.Raga Foundation Pvt.

Ltd., and Mr.Chandrasekaran & 3 others and award dated 12.07.2018 on the file of the Arbitrators.

1. M.S.Chandrasekaran,

2. S.C.Sanjeev Kumar,

3. S.C.Vijayakumar, all residing at No.851, Flat No.1B & 1C, K.G.S.Vrudh Apartments, 1st Floor, Kilpauk, Chennai-600 010.

4. M/s.V.N.S.Leather Exports Pvt. Ltd., No.6/25, C.M.Gramani Street, Periamet, Chennai-600 003. ... Petitioners/Applicants -VersusM/s.Raga Foundations Pvt. Ltd., No.23/12, Desika Road, Alwarpet, Chennai-600 004.

... Respondent/Respondent O.P. No.1063 of 2018:

Original Petition praying that this Hon'ble Court be pleased to set aside the award dated 12.07.2018 passed by the learned Arbitrators in so far as it is against the petitioners and to allow the counter claim filed by the petitioners herein for the recovery of Rs.3,77,00,000/- (Rupees three crores and seventy seven lakhs only) from the respondent.

A. No.9241 of 2018:

Application praying that this Hon'ble Court be pleased to https://hcservices.ecourts.gov.in/hcservices/ stay the proceedings of E.P. No.141 of 2018 on the file of this

Hon'ble High Court pending disposal of the above Original Petition.

This Original Petition along with application coming on this day before this court for hearing, the court made the following order:

Today, the matter was posted for reporting compliance of the order of this Court dated 03.12.2018.

2. In the earlier order of this Court dated 03.12.2018, this Court directed the petitioners to pay a sum of Rs.2.40 crores together with interest at 9% per annum from 19.07.2013 to the respondent in two equal instalments. The first instalment was agreed to be paid on or before 03.01.2019 and the second instalment was agreed to be paid on or before 31.01.2019. It was also observed that in case of failure to pay the amount in two equal instalments, the amount of Rs.2.40 crores shall carry interest at 18% per annum, as per the Arbitration Award from 19.07.2013 to be payable to the Respondent.

3. Today, it is represented by the learned counsel for the respondent that the petitioners has not complied with the order of this Court dated 03.12.2018.

4. Therefore, the respondent is at liberty to take coercive steps against the Petitioners, in accordance with law to execute the Arbitral Award dated 12.07.2018.

Sd/.S.V.N.J.

01.02.2019 //Certified to be a true copy// Dated this the th day of 2019. DL/13.02.2019 COURT OFFICER From 25.09.2008 th e Registry is issuing certified copies of the Order/Judgment Decree in this format.

https://hcservices.ecourts.gov.in/hcservices/