SUNDARAM FINANCE LTD Vs. S HUMAYUN KABIR

JUDGEMENT

(1.) CHALLENGE is made to the order of the learned Single Judge of this Court dated 21.7.2006 made in O.P.NO.318 of 2006 whereby the arbitration award was sought to be set aside.

(2.) THE respondents 1 to 3 herein filed O.P seeking to set aside the award of the arbitrator under Section 34 of the Arbitration and Conciliation Act alleging that a Hire Purchase Agreement was entered into between the petitioners and the first respondent therein on 23.5.1995 for the purchase of lorry bearing Registration No.TN 60 4766. A sum of Rs.4,25,000/- was financed by the first respondent under the H.P. agreement in which the first petitioner was the hierer, second petitioner was the guarantor and the third petitioner has nothing to do with the said agreement. On 15.10.1997, the first petitioner paid a sum of Rs.3.30,000/- towards full and final settlement under the Hire Purchase Agreement and upon such payment, the H.P. agreement was terminated and no amount was payable thereafter. According to the first respondent company, it was intimated to the Assistant Registering Authority, Periyakulam that he has received full payment and hence requested the authority to delete the name of the company from the RC book of the vehicle.

(3.) HEARD the learned counsel on either side.