P M SHAJI Vs. DEPUTY REGISTRAR SPECIAL ARBITRATOR

JUDGEMENT

(1.) THE petitioners are guarantors to a loan availed by the 4th respondent from the 3rd respondent Bank. When the loan was not repaid the Bank initiated arbitration proceedings, which culminated in Ext.P1 award dated 11.12.2007. Even after the award was passed the petitioners and the 4th respondent did not satisfy the award. In such circumstances the Bank issued Ext.P5 demand notice calling upon the petitioners to pay the sum of Rs.20,27,172/-. THE instant writ petition was thereupon filed challenging Ext.P1 award and seeking consequential reliefs.

(2.) WHEN the writ petition came up for hearing today Sri.P.V.Surendranath, learned standing counsel appearing for the 3rd respondent Bank, submitted that the principal debtor, the 4th respondent, has paid the entire amounts due under Ext.P1 award and that the Bank will therefore, not enforce the award against the petitioners.