B SRINIVASA RAO Vs. SHRIRAM CITY UNION FINANCE LTD AND OTHERS
HIGH COURT OF ANDHRA PRADESH
B Srinivasa Rao
Shriram City Union Finance Ltd And Others
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U. Durga Prasad Rao, J. -
(1.)Challenge in this Civil Revision Petition, at the instance of the Petitioner/Judgment Debtor No.2, is to the order, dated 19.09.2018, in E.P. No.6 of 2015 in A.R.C. No.241 of 2012, passed by the learned 111 Additional District Judge, East Godavari at Kakinada (for short, 'the execution Court'), negating the objections raised by the petitioner/JDR in his counter and proceeding with the execution.
(2.)Heard Sri Venkateswara Rao Gudapati, learned counsel for the petitioner, and Sri Maheswara Rao Kunchem, learned counsel for the Respondent No.1/Decree Holder.
(3.)The facts in narrow compass are that the 1st respondent/DHR filed Arbitration Case No.241 of 2012 before the sole arbitrator for recovery of 2,86,75,164/-; 2nd respondent herein is the borrower, petitioner and respondent Nos.3 and 4 herein are the co-obligants for the loan sanctioned to the 2nd respondent. The petitioner/JDR No.2 created equitable mortgage over his properties by depositing his title deeds with the 1st respondent/DHR. The borrower and guarantors remained ex-parte before the arbitrator. Upon taking the evidence on behalf of the 1st respondent/DHR, the arbitrator passed an Award directing the respondent Nos.2 to 4 and petitioner herein to pay claim amount of Rs. 2,86,75,164/- along with future interest at the rate of 10% p.a. from the date of reference of the claim till the date of award and at the rate of 18% p.a. from the date of award till the date of realization.
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