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Judgment
This is a petition under section 9 of the Arbitration and
Conciliation Act, 1996 (hereinafter referred to as the Act).
The respondents have been served. None appears for the
respondents.
The petitioner is a finance company rendering financial/credit
facilities in the form of loans.
It is the case of the petitioner that the respondents had
approached the petitioner for seeking financial assistance for purchase
of Flat No. 1202, Tower No.23, 12th Floor, Lodha Belmondo,
Gahunje, Pune, Maharastra-412101.
A loan in the sum of Rs.4 crores was sanctioned vide Loan
Agreement dated 28.03.2014. Loan amount of Rs.2,92,25,091/- was
partly disbursed to the respondents.
The loan was secured by creation of an equitable mortgage by
deposit of title deeds of the above referred flats in favour of the
petitioner.
Since the project is still under construction, the balance
sanctioned loan amount has not been disbursed and interest is being
charged only on the amount that has been disbursed as per the agreed
terms.
The respondents are alleged to have breached the repayment
schedule and, accordingly, the petitioner has recalled/foreclosed the
loan facility granted to the respondents by its notice dated 14.02.2017.
Learned counsel for the petitioner submits that the arbitration
clause has already been invoked.
This petition under Section 9 of the Arbitration & Conciliation
Act seeks interim measures of protection in the form of a restraint on
the respondents from disposing of, selling, alienating, transferring or
creating any encumbrance, charge or third party interest, in any
manner, whatsoever, in respect of Flat No. 1202, Tower No.23, 12th
Floor, Lodha Belmondo, Gahunje, Pune, Maharastra-412101.
By order dated 02.03.2017, this Court had restrained the
respondents from transferring, selling, encumbering or in any manner
alienating the property bearing No. 1202, Tower No.23, 12th Floor,
Lodha Belmondo, Gahunje, Pune, Maharastra-412101 and Saptasatij
Metatech Pvt. Ltd. Survey No.879, Siddivinayak Industrial Estate,
Near Maharashtra Weight Bridge, Kudalwadi, Chikhali, Pune,
Maharashtra-412114.
None has appeared for the respondents to defend the petition
despite service. There is no rebuttal to the case set up by the
petitioner. The interim order dated 02.03.2017 is liable to be made
absolute.
The petition is, accordingly allowed. The respondents are
hereby restrained from transferring, selling, encumbering or, in any
manner, alienating or creating any third party interest in respect of
property bearing No. 1202, Tower No.23, 12th Floor, Lodha
Belmondo, Gahunje, Pune, Maharastra-412101 and Saptasatij
Metatech Pvt. Ltd. Survey No.879, Siddivinayak Industrial Estate,
Near Maharashtra Weight Bridge, Kudalwadi, Chikhali, Pune,
Maharashtra-412114.
The petitioner shall take appropriate steps to ensure compliance
of the provisions of section 9(2) of the Act
The petition is disposed of in the above terms.
Order Dasti under the signatures of the Court Master.