DHARMENDER SHARMA Vs. SRIRAM TRANSPORT FINANCE CO LTD

JUDGEMENT

(1.) THESE are eleven appeals under Section 37 of the Arbitration and Conciliation Act, 1996 against the order dated 27.5.2011 passed by the learned Additional District Judge, South District, Delhi, rejecting the objections of the appellants under Section 34 of the Arbitration and Conciliation Act, 1996, against the award dated 15.2.2010.

(2.) THE learned counsel for the appellants has raised the question only with regard to reduction of rate of interest from 18 per cent per annum, as awarded by the learned arbitrator and upheld by the learned Additional District Judge, to 10 per cent per annum or such amount as may be deemed reasonable by this court. For this purpose, the learned counsel for the appellants has placed reliance on the judgment of the Apex Court in M/s. MSK Projects (I) (JV) Ltd. vs. State of Rajasthan & Anr.; AIR 2011 SC 2979.

(3.) BEFORE dealing with the submissions of the learned counsel for the appellants for the reduction of the rate of interest as awarded by the learned arbitrator, it will be worthwhile to mention that in all these cases the facts are almost similar inasmuch as the loan was drawn by the appellants for the purchase of commercial vehicle for which standard format documents were signed by the parties apart from hypothecation of the vehicle. The facts of the appeal being F.A.O. No.375/2011 are only being given and in rest of the cases, the facts being on similar lines, the same need not be repeated herein to make the record bulky as the issue is with regard to payment of interest.