MOTOR AND GENERAL FINANCE LIMITED Vs. SHIVJI PANDEY

JUDGEMENT

(1.) JUDGMENT (ORAL) , J.-

(2.) IN a petition under Section 20 of the Arbitration Act, the case set up by the petitioner, M/s. Motor and General Finance Ltd., is that the petitioner company stands registered under the INdian Companies Act and having its office at 17-B, Asaf Ali Road, New Delhi. The petitioner company, inter-alia, carry on the business of hire purchase of motor vehicles in different parts of the Union Territory of INdia. Shri. A.K. Ahluwalia is the General Attorney of the petitioner and is duly authorised to file and institute the present petition.

(3.) BY this agreement, respondent No. 1 has been given on Hire-Purchase basis the vehical bearing registration No. BHQ 8171 on the same date. Respondent No. 1 has agreed to pay Rs. 1,51,400.00 in 36 monthly hire instalments-one hire instalment of Rs. 4400.00 and remaining 35 hire instalments of Rs. 4200.00 each besides compensation charges and incidental expenses for defaults and late payments. According to the general attorney respondent No. 1 has paid a sum of Rs. 68,400.00 towards hire money and Rs. 28,136.00 towards compensation charges leaving a total sum of Rs. 1,45,788.00 This amount has not been paid in spite of the service of the legal notice nor the respondents have returned the vehicle. Because of the breach the respondents have forfeited the right to purchase the said vehicle or to keep it with them. The petitioner, under these circumstances, is entitled to the return of the vehicle. The disputes mentioned in the petition have arisen out of the agreement and are liable to the sole arbitration of Shri Shashi Vansh Bahadur, Advocate as per clause 6 of the agreement.