Cholamandalam Investment and Finance Company Ltd. (the appellant) filed an appeal against an order permitting the Liquidator of Navrang Roadlines Private Limited (the respondent) to withdraw Rs. 15,55,290.10 lying in credit of Application No. 3703 of 2019. The appellant and respondent had entered into a Trip Loan Agreement on 17.04.2018, with the appellant extending a loan facility of Rs. 1,75,00,000 to the respondent. The respondent defaulted on repayments, leading the appellant to invoke Section 9 of the Arbitration and Conciliation Act, 1996. The court prohibited garnishees from making payments to the respondent and directed them to deposit amounts. The appellant initiated arbitration proceedings and secured a final award. The respondent then filed a petition under

Cholamandalam Investment and Finance Company Ltd. (the appellant) filed an appeal against an order permitting the Liquidator of Navrang Roadlines Private Limited (the respondent) to withdraw Rs. 15,55,290.10 lying in credit of Application No. 3703 of 2019. The appellant and respondent had entered into a Trip Loan Agreement on 17.04.2018, with the appellant extending a loan facility of Rs. 1,75,00,000 to the respondent. The respondent defaulted on repayments, leading the appellant to invoke Section 9 of the Arbitration and Conciliation Act, 1996. The court prohibited garnishees from making payments to the respondent and directed them to deposit amounts. The appellant initiated arbitration proceedings and secured a final award. The respondent then filed a petition under