BRAJESH KUMAR PANNALAL Vs. INDUSIND BANK LIMITED

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned order, this miscellaneous petition filed under Article 227 of the Constitution of India seeking a prayer to set aside the order dtd. 4/9/2023 (Annexure P-5) passed by the Court of Principal District Judge, Burhanpur in Execution Arbitration No.Ex AB 62/2018.

(2.) The Brief facts of this case revealed from the records are that the respondent-Bank had initiated arbitration proceedings against the petitioner for recovery of overdue loan amount borrowed by him. The claim made by the respondent-Bank was allowed by the Arbitrator and award was passed in favour of the respondent-Bank on 31/3/2017 holding that respondent-Bank is entitled to recover a sum of Rs.2,03,600.00 with cost of Rs.500.00and the said award had attained finality.

(3.) The respondent-Bank thereafterwords had filed execution petition under Order 21 Rule 11(2) of CPC and Sec. 36 of the Arbitration and Conciliation Act, 1996 in Ex-AB-62/2018 before the Court of Principal District Judge, Burhanpur claiming award amount with interest at the rate of 18% per annum till the date of presentation of the application, which totally amount of Rs.2,66,439.00 and seeking appropriate relief under Order 21 Rule 41(2) of CPC for attachment of movables annexed to the petition.