RUKMA TANDON Vs. MUTHOOT FINANCE LIMITED & ANR

JUDGEMENT

(1.) This first appeal is filed under Section 37 of the Arbitration and Conciliation Act, 1996 impugning the judgment of the court below dated 4.7.2012 dismissing the objections filed by the appellant herein.

(2.) Appellant took two loans. One was of Rs.3lacs and another of Rs.40,000/- on 14.3.2007 and 7.4.2007 respectively from the respondents herein. These loans were taken against pledge of gold ornaments and on failure of the appellant/borrower to repay the loan amounts, arbitration proceedings were initiated, and which has resulted in the impugned Award dated 12.11.2011 awarding the claim of the loan amounts plus interest against the appellant and in favour of the respondent no.1 herein.

(3.) The court below has rightly dismissed the objections because appellant cannot plead its non-availability on the ground that the documents were signed in blank though admitting that not only loan was taken but in fact certain amount was repaid back. Further the contention which is recorded in the order of the learned Single Judge of this Court on 8.1.2013 that appellant has not been given benefit of adjustment of the price of the gold ornaments, it may be stated that respondent will ensure that the appellant will be given adjustments of the sale price of the gold ornaments, and also that before the sale is conducted of the gold ornaments which was pledged for taking of the loan, appropriate notice will be given to the appellant and the gold ornaments will be sold at the best available market price.