THOMAS VARGHESE Vs. SUNDARAM FINANCE LIMITED

JUDGEMENT

(1.) The petitioner assails the award passed by the Sole Arbitrator dtd. 13/4/2023 by filing the present petition under Sec. 34 of the Arbitration and Conciliation Act, 1996 (for brevity, hereinafter referred to as 'the Act').

(2.) The respondent/claimant is a financial institution. The petitioner is said to have approached the respondent seeking for financial assistance for purchase of a vehicle. Accordingly, the petitioner and the respondent entered into a loan agreement dtd. 31/7/2019 and the father of the petitioner also signed in the said agreement in his capacity as the guarantor. A sum of Rs.20,15,000.00 was lent towards purchase of vehicle and this amount had to be repaid together with interest in 42 monthly installments commencing from 17/8/2019 to 17/1/2023. The loan dues became outstanding and hence the respondent issued legal notice to the petitioner and his father on 5/6/2021 calling upon them to pay the outstanding dues of Rs.21,91,738.81.

(3.) On receipt of the above notice, the petitioner surrendered the hypothecated vehicle to the respondent on 11/11/2021.