THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN WRIT APPEAL No.428 of 2010 Dated:04.08.2010 Between: S.Vijay Kumar, And another. …Appellants and The Arbitrator, Citizen Cooperative Society Ltd, And others. …Respondents THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN WRIT APPEAL No.428 of 2010 JUDGMENT: (per Hon’ble Sri Justice Ramesh Ranganathan) In the order under appeal, the award passed in ARS No.17 of 2008, dated 08.08.2009, is under challenge. The petitioners obtained two loans of Rs.25,00,000/- and Rs.10,00,000/- respectively in the year 2004 from the second respondent. The principal borrower died, subsequent to which the second respondent initiated arbitration proceedings before the first respondent against the first petitioner as the legal representative of the principal borrower, and the second petitioner as the guarantor. The first respondent passed an award on 08.08.2009 holding that the appellants herein are liable to pay Rs.35,00,000/- towards principal and about Rs.30,00,000/- towards interest. Aggrieved thereby, the appellants herein approached this Court. This Court, in the order under appeal, observed that there was no dispute regarding the appellants’ liability to pay the principal amount; their grievance is mainly about determination of the rate of interest and the calculation thereof; and taking into account the fact that the petitioners did not dispute their obligation to pay the principal amount, this Court disposed of the writ petition observing that in case the petitioners deposit Rs.17,50,000/- on or before 01.06.2010, and another sum of Rs.17,50,000/- on or before 15.07.2010, that portion of the award dated 08.08.2009, which determined the rate of interest and the calculation thereof would stand set aside, and that the second respondent would be entitled to withdraw the amount deposited without furnishing any security. This Court further observed that, in case the petitioners paid the amount as directed, the matter be reopened, and the Tribunal proceed to decide the rate of interest duly giving opportunity to the petitioners; and if the petitioners failed to pay the installments as directed, the impugned order dated 08.08.2009 would become final, and it would be open to the second respondent to enforce the same. Before us Sri K.Vasudeva Reddy, learned Counsel appearing for the appellants, would reiterate the very same submissions urged before the learned single Judge. Learned Counsel would submit that an amount of Rs.1,00,000/- paid by them earlier was not taken into consideration in determining the principal amount liable to be paid. Even if the contention urged before us is said to have some basis, the appellants are, nonetheless, liable to pay Rs.34,00,000/- towards the principal. Sri G.V.S.Kumar, learned Counsel appearing on behalf of the second respondent, would submit that the petitioners have not deposited a single rupee either towards the first installment of Rs.17,50,000/- (which was required to be deposited on or before 01.06.2010), or the second installment of Rs.17,50,000/- (which was required to be deposited on or before 15.07.2010) till date. We are of the view that the appeal filed before us is only to protract and drag on the matter indefinitely, and thereby avoid payment of the amounts legitimately due to the second respondent. We find no infirmity in the order under appeal. As directed by the learned single Judge, it is open to the second respondent to enforce the award dated 08.08.2009, inasmuch as the appellants herein have not complied with his directions in the order under appeal. The Writ Appeal fails, and is, accordingly, dismissed. There shall be no order as to costs. __________________ (V.V.S.RAO, J) ______________________________ (RAMESH RANGANATHAN, J) 04.08.2010 vs