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T. RAJA, D. KRISHNAKUMAR
Cholamandalam Investment and Finance Company Ltd. – Appellant
Versus
Navrang Roadlines Private Limited – Respondent
JUDGMENT :
D. KRISHNAKUMAR, J.
The challenge in the instant intra Court appeal is against the order permitting the Liquidator of the respondent Company to withdraw a sum of Rs.15,55,290.10 which is lying to the credit of Application No.3703 of 2019.
2. Brief facts leading to filing of the instant appeal are as follows:
2.1. M/s.Navrang Roadlines Private Ltd., the respondent herein entered into Trip Loan Agreement dated 17.04.2018 with the appellant/Non Banking Finance Company for a permitted limit of Rs.1,75,00,000/- and availed Trip loan facility from the appellant. The respondent utilized the said loan facility during the term of Agreement and availed a sum of Rs.50,00,000/- on 14.8.2018, Rs.35,00,000/- on 21.8.2018 and Rs.50,00,000/- on 21.8.2018 and Rs.40,00,000/- on 1.9.2018. However, the respondent had committed default in repayment of the loan amount and the tenure for repayment had also expired and accordingly, the respondent is liable to pay a sum of Rs.1,96,06,986.08 as on 15.5.2019 to the appellant. Therefore, the appellant invoked Section 9 of the Arbitration and Conciliation Act, 1996 by filing Application No.3703 of 2019 to prohibit the Garnishees to make payment to an ex
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