M.A. SHIVAKUMARAN, Vs. SUNDARAM FINANCE LTD.

JUDGEMENT

(1.) BY consent of both sides, the matter has been taken up for final hearing.

(2.) THE Petitioners, who are the accused in a private complaint initiated by the Respondent before the learned Chief Metropolitan Magistrate, Egmore, Chennai, have filed the present petition seeking a direction to call for the records in C.C. No. 4311 of 2009 pending on the file of the above and quash the same.

(3.) THE sum and substance of the complaint is that the Petitioners offered their machinery in their units to the complainant company for sale and sought financial assistance under Hire Purchase Scheme. On the basis of such representation, the complainant Company agreed to enter into hire purchase contract. The resolutions of the Company showed that there is no lien over the machinery and the Chartered Accountant also issued a certificate that there is no lien on this machinery to be sold to the complainant company. On which, Hire Purchase Agreement was executed. Accordingly, the complainant company entered into necessary agreement and finance was extended. There were default in payment and therefore, the complainant company invoked the Arbitration clause in the agreement and a consent award was passed by an Arbitrator.