M/S.Mizpah Publishing Services ... vs Kotak Mahindra Bank Ltd
2023 Latest Caselaw 12716 Mad

                                                                                   CMA No. 1463 of
                                                            2022

                              IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                   DATED : 19.09.2023

                                                         CORAM :

                                  THE HONOURABLE MR. JUSTICE SUNDER MOHAN

                                        Civil Miscellaneous Appeal No. 1463 of 2022
                                                            and
                                                   CMP No.10825 of 2022

                     1. M/s.Mizpah Publishing Services Pvt. Ltd.,
                     No.6-A, Mizpah VGP 1st Main Road,
                     Injambakkam,
                     Chennai – 600 115.

                     2. Mrs. Mano Mizpah Michael

                     3. Mr.Michael Thottukadavil Jacob                            ... Appellants

                                                          Versus
                     Kotak Mahindra Bank Ltd.,
                     402L, Sanson Towers,
                     Pantheon Road, Egmore,
                     Chennai – 600 008.                                     ... Respondent

                     PRAYER : Civil Miscellaneous Appeal filed under Section 37 of the
                     Arbitration and Conciliation Act, 1996 to set aside the order dated
                     06.05.2022 passed by the Arbitral Tribunal in Arbitration Petition
                     No.Kmbl/10059/2022.


                                  For Appellants     :   Mr. Anil Relwani

https://www.mhc.tn.gov.in/judis
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                                                                                       CMA No. 1463 of
                                                              2022

                                  For Respondent       :   Mr.M.Arunachalam


                                                       JUDGMENT

The appeal has been filed challenging the order of injunction

passed by the learned Arbitrator under Section 17 of the Arbitration Act,

restraining the appellants from alienating the properties mentioned in the

schedule to the order.

2. The learned counsel for the appellants submitted that the order

of the learned Arbitrator is unsustainable on many grounds and prayed to

set aside the order. However, the learned counsel further submitted that

after the instant appeal was filed, the appellants and the respondent have

arrived at a settlement by which the appellants have agreed to pay

Rs.29,50,000/- on or before 31st January 2024.

3. The learned counsel for the respondent also fairly submitted that

instead of going into the merits of the contentions raised by the learned

counsel for the appellants, the impugned order can be set aside in view of

the settlement arrived at between the paties.

https://www.mhc.tn.gov.in/judis

CMA No. 1463 of

4. The learned counsel on either side have produced the copy of the

settlement letter dated 19.08.2023 and it is seen that the appeallants

herein have agreed to pay Rs.29,50,000/- to the respondent on or before

31.01.2024.

5. Therefore, in view of the subsequent development, and in view

of the submission made by the learned counsel for the respondent, the

impunged order is set aside with liberty to file a fresh application, if the

appellants default in the payment, as per the schedule agreed upon.

6. With the above observations, the Civil Miscellaneous Petition is

allowed. No Costs. Consequently, the connected Civil Miscellaneous

Petition is closed.

19.09.2023 ars

Index: Yes/No Speaking Order / Non-Speaking Order Neutral Citation: Yes / No

https://www.mhc.tn.gov.in/judis

CMA No. 1463 of

SUNDER MOHAN, J.

ars

C.M.A. No. 1463 of 2022

19.09.2023

https://www.mhc.tn.gov.in/judis