KATTA SRINIVASU Vs. IKF FINANCE LTD.

JUDGEMENT

(1.) Heard Sri P. V. A. Padmanabham, learned counsel for the petitioners and Sri V. V. L. N. Purnesh, learned counsel for the respondents.

(2.) The aforesaid civil revision petitions have been filed under Article 227 of the Constitution of India. In CRP No.2345 of 2022 the challenge is to the Order dtd. 30/9/2022 passed in Execution Petition No.676 of 2022 in AOP.No.6 of 2020 in the application of the decree holder for attachment of the bank account of the petitioner and in the other CRP No.419 of 2026 the grievance raised for is the non-disposal of the petitioners application for stay in ARB OP No.02 of 2023 under Sec. 34 of the Arbitration and Conciliation Act, 1996 (in short ,,Act 1996), pending in the same Court of VIII Additional District Judge, Vijayawada.

(3.) Briefly, the facts are, that there exists an arbitration award in favour of M/s.INK Finance Limited, Vijayawada, the Finance Company, dtd. 20/1/2021 in AOP No.6 of 2020 passed by the sole arbitrator. The Award was against both the petitioners in CRP.No.419 of 2026 and the only petitioner in CRP.No.2345 of 2022. The petitioner in CRP.No.2345 of 2022 is the 1st petitioner in CRP No.419 of 2026. The Award is for recovery of amount under loan basing on an agreement No.LN148437 in favour of the 1st respondent finance company. The Sole Arbitrator, by name Sri B. Chalapathi Suri, passed an award dtd. 20/1/2021 which is said to be an ex parte award without service of notice on the petitioners. The 1st petitioner is the barrower and the other petitioner is the guarantor. Being aggrieved, the petitioners filed AOP.No.2 of 2023 under Sec. 34 of the Act 1996 in the Court of the Principal District Judge, Krishna at Mchilipatnam for setting aside the award in Award No.6 of 2020, dtd. 20/1/2021. The same is pending before the VIII Additional District Judge, Vijayawada.