IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE J.B.KOSHY & THE HONOURABLE MRS. JUSTICE K.HEMA TUESDAY, THE 15TH JANUARY 2008 / 25TH POUSHA 1929 Arb.A.No. 30 of 2007() ------------------------------- OP.563/2007 of I ADDL.DISTRICT COURT, ERNAKULAM .................... APPELLANT/PETITIONER -------------------- K.K.SUNDARAM, AGED 37 YEARS, S/O.KUNJAN ACHARI, NJARAVELI HOUSE, TEMPLE ROAD, KADAVANTHRA. BY ADV. SRI.BABU KARUKAPADATH SMT.VAHEEDA BABU RESPONDENTS: RESPONDENTS ------------------------ 1. M/S.SUVARNA CHIT FUNDS, KOCHUKARIPAL BUILDINGS, PUTHENCRUZ, KARIMUGAL, ERNAKULAM- 682 308 REP. BY ITS MANAGING PARTNER V.N.REJI, VALLAYIL HOUSE, BEHIND COMFORT STATION, NEAR CHOTTANIKKARA DEVI TEMPLE, CHOTTANIKKARA, ERNAKULAM. 2. V.N.REJI, S/O.NARAYANANKUTTY, AGED 38 YEARS, VALLAYIL HOUSE, BEHIND COMFORT STATION, NEAR CHOTTANIKKARA DEVI TEMPLE, CHOTTANIKKARA, ERNAKULAM. BY ADV. SRI.VARGHESE C.KURIAKOSE THIS ARBITRATION APPEALS HAVING COME UP FOR ADMISSION ON 15/01/2008, THE COURT ON THE SAME DAY PASSED THE FOLLOWING: ARBA.NO.30/2007 ORDER ON I.A. NO.2638/2007 IN ARBA. NO.30/2007 DISMISSED 15.01.2008 SD/- J.B.KOSHY, JUDGE SD/- K.HEMA, JUDGE /TRUE COPY/ P.S. TO JUDGE tss J.B. Koshy & K.M. Joseph, JJ. -------------------------------------- Arb. A. No. 30 of 2007 --------------------------------------- Dated this the 15th day of January, 2008 Judgment Koshy,J. Appellant was the partner of a firm M/s. Suvarna Chit Funds, first respondent. Second respondent was also a partner of the firm. After closure of the business of the firm, issue regarding settling of account was referred to arbitration. The arbitrator found that total asset of the firm is Rs.18,20,456/- and the liabilities is Rs.10,45,000/- and, therefore, difference is Rs.7,75,456/- rounded to Rs.7,75,000/- and both claimant and respondent were allowed to recover Rs.3,87,500/- each from the assets of the firm and the second respondent was appointed as the receiver of the firm. Petitioner filed a petition under section 9 of the Arbitration and Conciliation Act contending that there is another award wherein second respondent in personal capacity was awarded some amount and he wants to attach that amount. In execution of the award, an amount of Rs.4,22,000/- was deposited in E.P.No.1 of 2006. The arbitration award in this case specifically shows that the amount can be recovered from the assets of the firm. Here, the personal award Arb.A.No. 30/2007 2 in favour of the second respondent which resulted in deposit of amount in E.P. No.1 of 2006 cannot be attached in respect of Ext.A1 award as the firm has got its own assets and the award is for realising the amount awarded from the assets of the firm and, therefore, the court below correctly dismissed the claim under section 9 of the Arbitration and Conciliation Act. We see no infirmity in the impugned order. Appeal dismissed. J.B.Koshy Judge K. M.Joseph Judge vaa Arb.A.No. 30/2007 3 J.B. KOSHY AND K.M.JOSEPH,JJ. ------------------------------------- Arb.A. No. 30 of 2007 ------------------------------------- Judgment Dated:15th January, 2008