POONAWALLA HOUSING FINANCE LTD Vs. V. BABU

JUDGEMENT

(1.) The petitioner company has filed this application under Sec. 36 of the Arbitration and Conciliation Act, 1996 seeking directions in terms of column 10 of the tabular statement of its execution application. The respondents have filed an interlocutory application seeking dismissal of this execution application.

(2.) The petitioner company and the respondents entered into a loan agreement on February 26, 2016 wherein the petitioner company contractually agreed to advance a sum of Rupees 31,00,000/- to the respondents. As a security, the said sum was to be provided against an immovable property owned by the respondents. The complete address of the said property is - Sy. No. 30/1, Part of Ramapuram Village, MIG Flat No. M-I/7, First Floor, Block No. M-1, Senthamil Nagar, Ramapuram Chennai, Pin Code - 600089, Tamil Nadu.

(3.) On December 29, 2018, arbitration was invoked by the lender company, and a Sole Arbitrator was appointed by the petitioner for adjudication of disputes. Subsequently, an ex parte arbitral award dated June 29, 2019 was secured by the petitioner company. The award provides for a certain sum of money along with interests as mentioned therein to be paid to the petitioner company, and also injuncts the immovable property which was provided as security in the loan agreement.