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2020 Supreme(Mad) 2233

N.SATHISH KUMAR
Finnish Fund for Industrial Corporation Ltd. – Appellant
Versus
VME Precast Pvt. Ltd. – Respondent


Advocates:
Advocate Appeared:
For the Petitioner: Satish Parasaran, SC for P. Giridharan, S. Santhosh and Arjun Gupta
For the Respondent: P.S. Raman, SC for Jayesh B. Dolia for Aiyar & Dolia and K. Harishankar

ORDER :

N. Sathish Kumar, J.

1. This original petition has been filed for enforcement of the foreign award dated 16.09.2015 passed by the arbitrator against the first and second respondents.

2. Brief facts leading to filing of this original petition is as follows:

The petitioner being a lender by a loan agreement dated 06.06.2009 with the first respondent, advanced a loan to the tune of US$ 4,000,000.00/-. The above loan advanced is not only on the basis of the loan agreement but also the subsequent three amendments dated 07.07.2009, 26.08.2019 and 15.10.2012 respectively. The second respondent signed the guarantee deed on 27.08.2009 in favour of the petitioner for the sum of Rs. 42,14,269.12. After three years of the loan agreement, it appears that the inter creditor agreement dated 29.03.2012 came to be executed between the petitioner herein and the UCO bank. The UCO Bank was now assigned itself to the intervenor namely Alchemist. As the amount has not been paid pursuant to the loan agreement and the guarantee deed executed by the first and second respondents, the arbitration process commenced at Finland. The sole arbitrator has passed an award dated 16.09.2015 after full contest. No

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