FULLERTON INDIA CREDIT CO LTD Vs. IMRAN QUERESHI

JUDGEMENT

(1.) The petitioner has filed a petition under Section 9 of Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the said Act') before the Ld.ADJ for appointment of receiver, grant of injunction and seeking repossession of vehicle borrowed by the respondent.

(2.) In the petition under Section 9 of the Act, it is alleged that a loan of Rs. 35,000/- was granted to the respondent vide loan agreement dated 24.02.2012 for the purchase of two wheeler to be repaid in equal monthly instalments of Rs. 1830/- and the tenure of loan was 24 months. The case of the petitioner is that only 4 instalments were received from respondent, thereafter, he had defaulted in the payment, as such, demand of Rs. 35291.81/- was made from the respondent vide notice dated 23.11.2012 but the respondent did not make any payment and accordingly, the aforesaid petition was filed by the petitioner.

(3.) Before the Ld. ADJ prayer was made for ex parte order of repossession of vehicle by appointing a receiver. However, ld. ADJ vide impugned order has declined the same and has issued notice by observing that no ground is made out for the grant of ex parte order of re-possession of the vehicle. The notice has been issued to respondent for 27.04.2013.