Madras High CourtA/9426/2018closed

Electronica Finance Ltd v. Sri Mahalakshmi Engineering Works

2018-12-17Honourable Mr Justice M. Govindaraj2 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

(ORDINARY ORIGINAL CIVIL JURISDICTION) MONDAY, THE 17TH DAY OF DECEMBER 2018 THE HON'BLE MR JUSTICE M.GOVINDARAJ A. NO.9426 OF 2018 In the matter of Arbitration & Conciliation Act, 1996 And In the matter of Agreement Dated 23.11.2016 Between Applicant and Respondent Terms Loan Agreement No.105-5014982016-2-1 M/s.Elecytonica Finance Ltd.

Kailaschandra Apartment S.No.128/1A, Plot No.3, Paud Roa Kothrud, Pune, 411 038 and also at No.1167 57th Avenue, TVS Colony Anna Nagar West Extension, Chennai - 600 101 Rep by its Senior Chief Manager Mr.Anand Abazhagan ... Applicant/Claimant VersusM/s.Sri Mahalakshmi Engineering Works (Borrower) Rep by Sulochana, S.

Having office at No.16 Reddy Street, Korallur Chennai 600 080 Tamil Nadu

...Respondent

Application praying that this Hon'ble Court be pleased to permit the Applicant to sell the hypothecated asset mention hereunder in public auction.

This Application coming on this day before this court https://hcservices.ecourts.gov.in/hcservices/ for hearing the court made the following order:

This application is filed by the applicant seeking permission to sell the hypothecated asset mentioned in the schedule, in public auction.

2. The respondent availed loan for Rs.12,39,997/- under loan agreement dated 23.11.2016 to repay along with the financial charges in 48 installments commencing from 10.01.2017 to 10.12.2020. Due to default in repayment, arbitration proceedings have been initiated on 03.07.2018. 3.The learned counsel for the applicant submitted that arbitrations proceedings between the parties have culminated in an award. Since the Arbitration award has been passed, this court directs the applicant to work out the remedy before the concerned jurisdictional execution Court by enclosing the award.

4. With the above observation, this application is closed.

Sd./- M.G.R.J.

17.12.2018 //Certified to be true copy// Dated at Madras this the day of 2019. TE/14.05.2019 COURT OFFICER (O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.

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