KANOLLA SHRAVAN Vs. SHRIRAM CHITS INDIA

JUDGEMENT

(1.) Heard learned counsel for the petitioner and Sri K.S.Sai Pavan, learned counsel for the respondent No.1. Perused the record.

(2.) This Civil Revision Petition is filed under Sec. 115 of C.P.C. challenging the attachment order, dtd. 7/11/2023 in E.P.No.322 of 2022 in ARB.No.1093 of 2021 passed by the IV Additional Junior Civil Judge (Excise) at Karimnagar.

(3.) Respondent No.3 is the subscriber of the Chit with respondent No.1. Petitioner and Respondent Nos.4 to 7 are the guarantors to the said Chit Funds. Respondent No.1 has filed an application under Sec. 64 of the Chit Funds Act, 1982 (for short 'the Act, 1982') vide ARB.No.1093 of 2021 before the Chit Arbitrator/ Deputy Registrar of Chits, Karimnagar, claiming an amount of Rs.15,46,682.00 along with interest. Learned Chit Arbitrator has passed an award, dtd. 4/8/2022 holding that the petitioner and respondent Nos.3 to 7 are jointly and severally liable to pay the said amount i.e., Rs.15,46,682.00 with interest @ 18% p.a. on the principal amount of Rs.13,99,260.00 from the date of filing of the dispute till the date of realization of the said amount.