Shriram City Union Finance Limited v. Lakshya Exports

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 13.07.2020 CORAM :

THE HONOURABLE MR. JUSTICE N.SATHISH KUMAR A.No.9651 of 2018 M/s.Shriram City Union Finance Limited Represented by its Asst. Vice President Mr.Selvakumar Having its Registered Office at No.123, Angappa Naicken Street Chennai-600 001.

.. Applicant Vs.

1.M/s.Lakshya Exports No.10, Sathalwar Street Mogappair West Town Thiruvallur-600 037.

2.Mr.Avudiappa Manikandan No.T3, 3rd Floor, Deva Doss Street VGN Park, West Nolambur Chennai-600 037.

3. Mrs.Suji Sukumaran No.T3, 3rd Floor, Deva Doss Street VGN Park, West Nolambur Chennai-600 037.

.. Respondents PRAYER: This application is filed under Order XIV Rule 8 of OS Rules r/w Sec.9(2) (a) (b) (e) of the Arbitration and Conciliation Act 1996, praying to direct the Respondents to furnish security to a sum of Rs.1,04,88,120/- failing which an order of attachment may be passed by way of transmitting the decree to the District Court, Thiruvannamalai/Thiruvallur/Thiruvallur of the schedule 1/4

mentioned properties pending disposal of the arbitration proceedings. For Applicant : Mr.Moorthy.K For Respondents : Mr.P.G.Thiyagu

O R D E R

The learned counsel appearing for the applicant submitted that the award has already been passed and they are going to enforce the award. However, he seeks an order directing the respondents not to deal with the properties.

2. Mr.P.G.Thiyagu, the learned counsel for the respondents submitted that the orders have been communicated to the Sub Registrar in respect of other debts. Therefore, the applicant need not have any apprehension over the encumbrance of the properties.

3. Having regard to the submissions made by both sides, this Court instead of passing any order for attachment, restraining the respondents from alienating or creating any encumbrance over the properties for a period of six months within which time the applicant shall enforce the award and seek an order of attachment before the executing Court.

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4. With the above observation, this application is closed. 13.07.2020 Index : Yes / No Internet : Yes Speaking Order/Non-Speaking Order uma 3/4

N.SATHISH KUMAR,J.

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