IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 20-01-2026 CORAM THE HONOURABLE MR JUSTICE N. ANAND VENKATESH ARB APPLN NO. 1 OF 2026 M/s.Cholamandalam Investment and Finance Co Ltd., ‘Chola Crest’, C 54 and 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Chennai 600 032 Rep. By its Authorised Signatory Applicant(s)

Vs

1. Ajeet Kumar Netam

2.Baijuram Netam

3.Punjab National Bank Jai Stambh Chouck Narayanpur Dist- Narayanpur Chhattisgarh 494661 Respondent(s)

PRAYER Petition filed under Section 9 of the Arbitrtion and Conciliation Act, 1996, praying to pass an order directing the granishee to debit freeze the bank account bearing Account No.6695001500013790, IFSC Code No.PUNB0669500 maintained by the 1st respondent with the garnishee to the extent of a sum of Rs.24,67,833/- and further to direct the Garnishee to deposit the sum of Rs.24,67,833/- or any amount lying in the bank account to the credit of this application.

For Respondent(s): Mr.D.Pradeep Kumar For Respondent(s): No Appearance

ORDER

This application has been filed under Section 9 of the Arbitration and Conciliation Act (for the sake of brevity, hereinafter referred to as 'the Act') for a direction to the garnishee viz., the 3^rd respondent to debit freeze the bank account bearing Account No.6695001500013790, IFSC Code No.PUNB0669500 maintained by the 1st respondent with the garnishee to the extent of a sum of Rs.24,67,833/- and further to direct the Garnishee to deposit a sum of Rs.24,67,833/- or any amount lying in the bank account to the credit of this application.

2.Heard the learned counsel for the applicant and carefully perused the materials available on record.

3.The respondents have been served with notice and their names have been printed in the cause list and there is no appearance either in person or through counsel.

4.The case of the applicant is that the respondents 1 and 2 approached the applicant for loan. The 1^st respondent is the borrower and the 1^st respondent availed loan to the tune of Rs.20,22,082/- vide Loan Agreement dated 28.03.2023.The 2^nd respondent is the co-borrower. The respondents had to repay back a total sum of Rs.26,40,000/- in sixty EMIs starting from 28.04.2023 and ending with 28.03.2028.

5.The 1^st respondent after paying the initial instalments, became a defaulter and in spite of repeated requests and demands, the amount was not repaid back. The loan was given towards the purchase of vehicle and hence, the vehicle was re-possessed by the applicant and it was sold on 30.08.2024. After giving credit to the sale consideration, the applicant made a demand for the payment of the balance sum of Rs.24,67,833/-. Since the amount was not paid, the applicant initiated arbitration proceedings.

6.In the meantime, the 1^st respondent approached the District Consumer Disputes Redressal Commission and filed a complaint against the insurer viz., ICICI Lombard claiming for compensation/damages. The said complaint was partly allowed by an order dated 22.11.2024 and the Insurance Company was directed to pay the damages along with other costs. As against the same, the Insurance Company filed an appeal before the State Consumer Dispute Redressal Commission and the said appeal was dismissed.

7.The applicant had filed Arbitration Appln.No.1724 of 2025 seeking for prohibitory orders against the Garnishee. Even though, an interim order was passed in this application on 19.12.2025, the applicant later came to know that the amount had already been disbursed in favour of the 1^st respondent. Accordingly, Arbitration Appln.No.1724 of 2025 became infructuous and the same was closed.

8.The applicant collected details and found that the 1^st respondent is having a bank account with the 3^rd respondent. Under such circumstances, the present application came to be filed for directing the 3^rd respondent to debit freeze the bank account maintained by the 1^st respondent to the extent of Rs.24,67,833/- and further direct the 3^rd respondent to deposit the amount. 9.When the applic