S. Jagadeesan,J.

1. The appeal has been filed by the appellants against the order of the learned Judge dated 1.3.2002 in Application No.334 of 2002, directing the garnishee, the second respondent herein, to retain a sum of Rs. 1,18,31,000/-until further direction.

2. The admitted facts are:- The first respondent herein advanced money on hire purchase agreement to the first appellant herein. The second appellant is the guarantor. As per the terms of the hire purchase agreement, the parties have to go for arbitration, if any dispute arises between them. The application 334 of 2002 was filed by the first respondent, seeking a garnishee order on the ground that the first respondent do not want to exercise their right to repossess the machineries hired to the first appellant, since the value of the machineries will be considerably reduced by such repossession. As the appellants failed to discharge their obligation of repayment of the loan amount as per the schedule and the arrears had accrued, the first respondent sought the relief by way of garnishee order to protect their interest.

3. Thesaid application was contested by the appellants.

4. The learned Judge, after conside