SHAMSUDEEN Vs. SHREERAM TRANSPORT FINANANCE CO. LTD.

JUDGEMENT

(1.) We once dismissed this same appeal. It was as per our judgment dated 16.11.2016. That judgment was reported 2017(1) KLT SN 24 (C.No.26), (2016 (5) KHC 835, 2016 (4) KLJ 778, and ILR 2017(1) Ker.370). We reviewed and recalled the said judgment by order passed on 30.1.2017 (vide the order in R.P.No.36 of 2017).

(2.) We heard the learned counsel appearing for all the parties afresh.

(3.) The facts are these: The appellant purchased a motor vehicle. For that, a loan of Rs. 4,68,000.00 was availed of. The first respondent was the financier. The motor vehicle was hypothecated to the financier. A loan cum hypothecation agreement was executed in favour of the first respondent by the appellant and the second respondent. The loan was to be repaid in instalments, but defaulted. The first respondent repossessed the motor vehicle and sold it for Rs. 2,01,000.00. The arbitration clause in the hypothecation agreement was invoked. The arbitrator by his award fixed the liability of the appellant and the second respondent at Rs. 3,22,730.00.