SMT. MANJULA Vs. SHRIRAM TRANSPORT FINANCE CO LTD

JUDGEMENT

(1.) The Petitioners are before this Court seeking the following reliefs:

(2.) Petitioner No.1 claims to be the widow, and Petitioner No.2 claims to be the son of Manjunath, who expired on 25/8/2018. The said Manjunath had availed two loans, from 1st Respondent - Shriram Transport Finance Company Limited, (hereinafter referred to as 'Shriram').

(3.) On the ground that the said Manjunath had not made payment of the above loans, on his expiry, two legal notices had been issued on 27/7/2019, to the Petitioners calling upon them to repay the entire amount of Rs.28,33,882.00 towards full and final settlement in respect of the vehicle loan towards vehicle bearing No.KA13-B-4570 and a sum of Rs.28,61,998.00 towards the vehicle bearing No.KA13-B-4571. It was also informed that if the payments were not made, Shriram would appoint an arbitrator. It is contended that Shriram indeed did appoint an Arbitrator who had passed an order on an application under Sec. 17 of the Arbitration and Conciliation Act, 1996 (for short, 'the Act') directing the repossession of the hypothecated vehicles. It is in that background that the Petitioners are before this Court challenging the proceedings, as also the order passed by the Arbitrator and seeking for the aforesaid reliefs.