SADHAYA CARRIERS PVT LTD Vs. B K BARVE

JUDGEMENT

(1.) These Original petitions have been filed under Section 34 of the Arbitration and Conciliation Act, 1996, hereinafter called 'the Act', to set aside the award dated 24.9.2001 passed by the 1st respondent in Award Nos. 35 and 34 of 2001 respectively and to pay the cost.

(2.) As the parties are one and the same in both the above petitions a common order is being passed to dispose of the same.

(3.) The 1st petitioner in both the O.Ps., entered into a Hire Purchase Agreement with the 2nd respondent for purchase of 4 Lorries in O.P.Nos. 235/2003 and 12 lorries in O.P. No. 236/2003. The 2nd petitioner signed the agreements as the guarantor. After certain period of time, the 1st petitioner was not able to pay the instalment amount and therefore the 1st petitioner surrendered all the 16 vehicles on 19.6.2000. The vehicles were disposed of by the 2nd respondent as per the agreed terms and after adjusting the sale proceedings against the outstanding, 2nd respondent claimed a sum of Rs. 14,92,581/- with further interest in O.P. No. 235/2003 and a sum of Rs. 61,82,770/- with further interest in O.P. No. 236/2003 being the balance amount due. 1st respondent was appointed as arbitrator and an award has been passed in Award No. 35/2001 on 24.9.2001 in O.P. No. 235/2003 and another award was passed on 24.9.2001 in Award No. 34/2001 on 24.9.2001. Aggrieved by the same the petitioners filed the above two O.Ps., under Section 34 of the Act, 1996.