VELMURUGAN INVESTMENT KARUR Vs. N.R.T. TOURS

JUDGEMENT

(1.) THIS order shall dispose of A.No.4577 and 5108 of 2012, as the common question of law and facts and are involved in both applications.

(2.) THIS application under Order XIV Rule 8 of O.S. Rules read with sec.9(ii)(b) & (e) of Arbitration and Conciliation Act, 1996 has been filed to appoint an Advocate Commissioner to seize and deliver the vehicle to the applicant described in the schedule to the Judges summons, lying in the custody of respondent's premises with liberty to sell and to permit the Advocate Commissioner to obtain police aid and to break open the premises.

(3.) IT is pleaded case of the applicant/Finance Company that the respondent had approached the applicant with a request to extend higher purchase finance facility and the request was accepted and the parties entered into Higher Purchase agreement, dated 2.3.2006. Under the agreement, the total hire money of Rs.9,73,050/- (Rupees nine lakhs seventy three thousand and fifty only) was repayable in 30 equated monthly instalments of Rs.32,435/- (Rupees thirty two thousand four hundred and thirty five only). The first instalment commenced on 2.4.2006 with the last instalment ending on 2.9.2008. The Higher purchase transaction was duly recorded in registration certificate.