SARAJ JYOTI DEY, JHARKHAND Vs. INDUSIND BANK LIMITED

JUDGEMENT

(1.) This Arbitration Original Petition has been filed by the petitioners seeking toset aside the award dtd. 30/8/2022 passed by the Arbitrator in claim petition G.R.No.275 of 2022.

(2.) The case of the petitioners is that the respondent advanced a sum of Rs.9,77,000.00 under the loan agreement dtd. 28/8/2018 to the 1st petitioner in respect of the vehicle model LPS 4018 TC 4X2 BS2. The 2nd petitioner stood as guarantor for the above loan agreement. As per the terms of the loan agreement, the 1stpetitioner has to repay the said loan amount along with interest in 35 monthly installments. Since the 1stpetitioner defaulted the said loan amount, the respondent had repossessed the aforesaid vehicle and sold the same for a sum of Rs.1,15,000.00. For the remaining sum of Rs.6,21,088.00, the respondent filed a claim before the Arbitrator and obtained the award dtd. 30/8/2022 and the same was received by the petitioners on 12/9/2022. Hence, challenging the said award, this present original petition has been filed by the petitioners.

(3.) The main grounds of challenge made by the petitioners are that the respondent appointed the learned Arbitrator unilaterally and the award also came to be passed on 30/8/2022 without giving sufficient opportunity to the petitioners. Therefore, the said award is in conflict with the most basic notion of morality or justice. In spite of non-appearance of his counsel, the learned Arbitrator passed an award without giving sufficient opportunity to contest the matter. Therefore, according to the petitioners, the award dtd. 30/8/2022 passed by the learned Arbitrator cannot be sustained and the same is liable to be set aside.