VENDHAR MOVIES Vs. S MUKUNCHAND BOTHRA

JUDGEMENT

(1.) The appellant is the respondent in Arbitration Case No.1/2016. The appeal is filed, challenging the order of the learned Arbitrator dated 06.03.2017 passed in I.A.No.3 of 2017 in Arbitration Case No.1/2016.

(2.) The claim was made by the 1st respondent/claimant seeking an award, directing the appellant herein to pay a sum of Rs.8,05,51,240/- with interest at 36% compounded monthly on the principal sum of Rs.7,50,00,000/-. The claim was made before the Sole Arbitrator. The said claim was made, based on an agreement of loan dated 11.01.2016 and the supporting documents to the same, namely, Promissory Notes dated 11.01.2016 for Rs.50,00,000/- each and another Promissory Note dated 04.04.2016 for a sum of Rs.6,50,00,000/-.

(3.) The I.A.No.2/2016 was filed by the claimant seeking an order of interim injunction from the Arbitrator, exercising his powers under Section 17 of the Arbitration and Conciliation Act, 1996, restraining the appellant from releasing the Tamil Movie titled "Mottai Siva Ketta Siva", till the disposal of the arbitration proceedings. An order of interim injunction was granted on 08.06.2016 and was subsequently extended on 08.10.2016. Aggrieved by the said order of the Arbitrator, CMA.No.496/2017 was filed before this Court and this Court had, by virtue of the order dated 03.03.2017, disposed of the said appeal, setting aside the order passed on 08.06.2016 and the subsequent order on 08.10.2016 in I.A.No.2/2016 and remanded the matter back to the Arbitrator with liberty to the parties to raise those issues which were raised before this Court to be raised before the Arbitrator. The said order as stated earlier was passed on 03.03.2017 and a copy of the same was made available only on 06.03.2017.