INDIA CEMENTS LTD Vs. USHA DEVI

JUDGEMENT

(1.) The Decree-holder in an Arbitration Award is the Revision Petitioner herein challenging the Order of allowing an Application under Sec. 47 of C.P.C. and thereby terminating the Execution proceedings.

(2.) According to the Revision Petitioner, the Petitioner-Company as Claimant had initiated Arbitration proceedings as against the Respondent herein on the basis of a Stockist Agreement, dtd. 29/10/1995 and Supplementary Agreement, dtd. 29/6/2004. As per the said Claim Petition, the Revision Petitioner was engaged in the business of manufacturing and sale of various brands of cement and the Respondent herein was a Stockist. In the Business transaction, the Stockist did not pay the entire amount due to the Claimant and in order to secure the said amount, the Respondent had mortgaged 2.22 acres Agricultural lands in Avaniyapuram Village, Madurai District by depositing the Title Deeds relating to the said lands with the Claimant.

(3.) Arbitration proceedings were initiated claiming a sum of Rs.16,31,959.03. The said Arbitration proceedings culminated in favour of the Claimant and an Award was passed by the sole Arbitrator on 25/10/2005. In order to execute the said Award, the Claimant had filed E.P. No.45 of 2006 on the file of the District Court, Madurai to bring the property for Court Auction sale without attachment and to appropriate the Sale proceeds towards the Decree amount. The said E.P. was filed claiming a sum of Rs.19,93,730.92.