IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE BASANT BALAJI TH THURSDAY, THE 30 DAY OF JANUARY 2025 / 10TH MAGHA, 1946 OP(C) NO. 2276 OF 2024 AGAINST THE ORDER DATED 07.10.2024 IN IA NO.1/2024 IN CS NO.77 OF

2024 OF ASSISTANT SESSIONS COURT/II ADDITIONAL SUB COURT, ERNAKULAM PETITIONER/PETITIONER/PLAINTIFF: AEGIS COMMUNICATIONS PVT. LTD.

3RD FLOOR, CHANDRIKA BUILDING, M.G.ROAD, KOCHI -

REPRESENTED BY ITS MANAGING DIRECTOR R. MADHAVA MENON, AGED 67, PIN - 682011 BY ADVS.

V.KRISHNA MENON P.VIJAYAMMA J.SURYA A.B.BEENU RESPONDENT/RESPONDENT/DEFENDANT:

M/S INSTITUTE OF SCIENTIFIC RESEARCH AND TRAINING REPRESENTED BY ITS MANAGING PARTNER, BOBBAN JOSEPH, AGED ABOUT 64, S/O LATE M.C.JOSEPH, MALIEKKAL HOUSE, CHUNANGAMVELY, ALUVA, PIN - 683105 BY ADVS.

C.HARIKUMAR SANDRA SUNNY(K/926/2020)

ARUN KUMAR M.A(K/1197/2021)

FARAH JYOTHI PRADEEP(K/1240/2023)

THIS OP (CIVIL) HAVING BEEN FINALLY HEARD ON 30.01.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

JUDGMENT (Dated this the 30^th day of January 2025)

The petitioner is the plaintiff in CS No.77/2024 filed before the Commercial Court (Sub Court), Ernakulam, for the realization of an amount of Rs.47,92,892/- with interest. The petitioner is a Company registered under the provisions of Micro, Small, and Medium Enterprises Development Act, 2006. The respondent is a partnership firm incorporated under the Partnership Act of 1932 and is engaged in the business of manufacturing and trading of Alpha2Omega mathematical lab kits, mathematical lab sourcing and assembling. The petitioner moved MSEFC and obtained an award on 22.04.2022. The same was challenged in O.P.(ARB) No.23/2022, and the award was set aside. Thereafter, CS No.77/2024 was filed. In the arbitration proceedings, the respondent has made a pre- deposit of Rs.88,40,600/-, and the petitioner in the present C.S., filed an application as IA No.1/2024 seeking an attachment of Rs.76,40,600/- deposited by the respondent in O.P(ARB).

2. After entering appearance, the respondent produced two documents: a sale deed No.2954/1/2005 of SRO, Aluva, dated 12.05.2005, for an extent of 22.80 Ares and a sale deed No.6399/2005 of SRO, Aluva, dated 21.11.2005, for an extent of 6.40 Ares. The Trial Court, by Ext.P11 order, accepted the property produced as security and lifted the attachment on deposit of Rs.76,40,600/- by the respondent. The said order is under challenge in this original petition.

3. Since the dispute is regarding the valuation of the properties, the respondent was directed to produce the valuation report from the Village Officer. Ext.R1(d) is the valuation certificate issued by the Village Officer dated 20.01.2025, wherein the Village Officer has stated that the property, with an extent of 22.80 Ares, has a centage value of Rs.1,00,000/- and in respect of the property with an extent of 6.40 Ares, it has a centage value of Rs.1,75,000/-

as well.

4. The petitioner has filed an objection to the said report and produced Ext.P12 valuation of a chartered engineer, wherein the fair market value of both the properties comes to Rs.21,64,000/-

and the distress value is only Rs.21,00,000/-.

5. The counsel for the petitioner submits that the petitioner was not heard and was not given an opportunity to file an objection before Ext.P11 was passed.

Having heard the counsel for the petitioner as well as the counsel for the respondent, and taking note of the fact that it is the subjective satisfaction of the learned Subordinate Judge regarding the valuation of the property for lifting the attachment, I deem it appropriate to set aside Ext.P11, and direct reconsideration of IA No.1/2024 in the light of Ext.R1(d) report of the Village Officer dated 20.01.2025, and Ext.P12, valuation by the Chartered Engineer. The Trial Court shall pass orders within a period of three weeks from the date of receipt of a copy of this judgment. The respondent shall produce the original of the report of the Village Officer dated 20.01.2025. The parties are f