HDFC BANK LTD Vs. DINESH SHANMATHURAN

JUDGEMENT

(1.) Dated this the 1st day of February, 2022 HDFC Bank Limited., the petitioner herein is aggrieved in the matter of issuance of notice to the other side while proceeding with the execution of an interim award passed under Sec. 17 of the Arbitration and Conciliation Act, 1996 by the Arbitrator to take possession of the vehicle offered as security to the Bank while availing loan.

(2.) It is argued by the learned counsel for the petitioner that issuance of notice before ordering possession of the vehicle in obedience to the interim award of the Arbitrator would facilitate hiding of the vehicle by the respondent so as to defeat execution of the interim award. Though the learned counsel was asked to justify the said argument based on binding precedent, the learned counsel failed in this endevour.

(3.) In view of this argument, a pertinent question crops up consideration is; whether issuance of notice is mandatory prior to taking possession of a vehicle in execution of an interim award passed by the Arbitrator.