ABHISHEK TALWAR Vs. L & T FINANCE LTD

JUDGEMENT

(1.) Admit. By consent of parties, rule is made returnable forthwith and heard finally.

(2.) This Appeal takes exception to the order passed by the learned Single Judge dated 21 January 2015. The impugned order was passed in a Chamber Summons taken out in execution proceedings seeking execution of an Arbitral Award passed in favour of Respondent No.1. By the impugned order, the learned Single Judge negated the contention of the Appellant that this Court had no jurisdiction to entertain the Execution Application and thereafter proceeded to direct the Appellant to disclose particulars of his assets as contemplated under the provisions of the Code of Civil Procedure, 1908.

(3.) The facts stated briefly are that the Appellant had taken certain finances as and by way of a loan from Respondent No.1. For the aforesaid loan transaction, Respondent Nos.2 and 3 stood as guarantors. It is not in dispute that the loan agreement between the Appellant and Respondent No.1 incorporated an arbitration clause. As disputes arose between the parties, Respondent No.1 (claimant in the arbitration) invoked the arbitration clause and proceeded to arbitration. Thereafter, the Arbitral Tribunal passed an Award dated 4 December 2010 under which the Appellant and Respondent Nos.2 and 3 herein were jointly and severally directed to pay Respondent No.1 (claimant in the arbitration) a sum of Rs.18,16,818/- together with further interest at the rate of 24 % p.a. on Rs.9,61,216/- from 16 August 2009 and on Rs.8,55,602/- from 5 September 2009 respectively, till payment and / or realisation. In addition thereto, the Appellant and Respondent Nos.2 & 3 were ordered to pay a sum of Rs.3,500/- towards Arbitrator's fees and another sum of Rs.3,500/- towards the costs of the arbitration. Admittedly, the said Award has not been challenged either by the Appellant or by Respondent No.3 herein.