TVS FINANCE AND SERVICES LTD Vs. AERUPULA NARAHARI RAO; AERUPULA BABU RAO; AERUPULA KRISHNA RAO; AERUPULA CHANDRASEKARA RAO; AERUPULA RAJESHWARA RAO; Y K RAJAGOPAL

JUDGEMENT

(1.) This Original Side Appeal has been directed against the order dated 8.8.2008 passed in O.P.No.846 of 2007 by the learned Single Judge of this Court.

(2.) The appellant herein and M/s.Anand Agros Limited have entered into a hire purchase agreement and since there is a default in paying monthly installment, as per agreement, the appellant has invoked arbitration proceedings, wherein the respondents 1 to 5 have also been impleaded as guarantors of the principal debtor. The arbitrator after considering the divergent contentions raised on either side has passed an award dated 26.2.2007 and the same has been challenged by the respondents 1 to 5 herein, as petitioners in O.P.No.846 of 2007 on the file of this Court.

(3.) The learned Single Judge, after considering the divergent contentions raised on either side, has come to a conclusion that the petitioners are not parties to the agreement entered into between the appellant herein and M/s.Anand Agros Limited and ultimately set aside the arbitration award dated 26.2.2007 by way of passing the impugned order and in order to set aside the same, present Original Side Appeal has been preferred by the first respondent as appellant herein.