DHANDAPANI FINANCE LIMITED Vs. B T RAVI

JUDGEMENT

(1.) A. No. 1936 of 2010: M/s. Dhandapani Finance Limited has moved this application under Section 9 of the Arbitration and Conciliation Act to appoint an Advocate Commissioner with a direction to seize 2006 Model Bajaj Tempo Traveller bearing Regn. No. T N-48-F-2553, Chassis No. T58018935A06 and Engine No. D18006391. A. No. 5536 of 2012: Mr. B.T. Ravi / applicant has moved this application under Section 9 of the Arbitration and Conciliation Act to direct the respondent/M/s. Dhandapani Finance Limited to return the schedule mentioned vehicle to the applicant, as the seizure and custody of vehicle with the respondent had become bad in law due to non compliance of the order dated 06.04.2010 passed by this Court in A. No. 1936 of 2010. A. No. 1936 of 2010 (M/s. Dhandapani Finance Limited vs. B.T. Ravi) In support of the application, it is pleaded, that the applicant is a non banking company financial company having its retail finance division, which is engaged in the business of granting loan, hire purchase and leasing of industry equipment, machinery trucks and other equipment and vehicles.

(2.) The respondent approached the applicant's branch office at Trichy during the month of June, 2008 and requested for loan to purchase 2006 Model Bajaj Tempo Traveller. The respondent was advanced a loan of Rs. 4,25,000/- (Rupees Four Lakhs and Twenty Five Thousand only) for purchase of Bajaj Tempo Traveller and the amount was agreed to be repaid back in 36 monthly installments of Rs. 16,463/- (Rupees Sixteen Thousand Four Hundred and Sixty Three only) and the Tempo was hypothecated in favour of the applicant.

(3.) The submission of applicant is that the respondent was irregular in making payment, which resulted in foreclosing the account of applicant. It is pleaded, that on 28.02.2010, a sum of Rs. 5,17,520.61 (Rupees Five Lakhs Seventeen Thousand Five Hundred Twenty and Paise Sixty One only) towards installments and additional finance charges were outstanding against respondent.