SOMASUNDARAM Vs. M S ANGUPARAMESWARI TEXTILES P

JUDGEMENT

(1.) C.R.P. No.94 of 2008 is directed against the order granting temporary injunction restraining the Revision Petitioners/Defendants from presenting the Cheque under Negotiable Instruments Act or committing breach in any manner pending reference to Arbitration. For convenience, the parties are referred in their array in the suit.

(2.) THE Plaintiff is the absolute owner of the Spinning Mill M/s. Anguparameswari Textiles Private Limited. On 14.06.2006 an agreement of sale was entered into between the Plaintiff and the Defendants for 'slump sale' for consideration of Rs.4,00,00,002/-. THE Defendants also entered into conversion agreement and were running the Mill. THEre is a clause in the agreement that in the event of dispute about the interpretation or implementation of the agreement, it shall be referred to a single Arbitrator appointed by both parties and the verdict of the Arbitrator shall be binding. THE sale agreement was renewed on 29.12.2006 with some modifications and additions.

(3.) WHEN the matter was posted for Orders on 02.01.2008 before the Principal Sub Court, Dindigul, the Defendants filed application for re-opening and receiving the additional documents and those applications presented in the open court were directed to be presented in the Registry and later those papers were returned by the Registry stating that Orders were already pronounced.