R RANGAPPA Vs. SHRIRAM TRANSPORT FINANCE COMPANY LTD

JUDGEMENT

(1.) The instant petition has been filed under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the Arbitral Award dated 10.05.2014 passed against the petitioner.

(2.) The petitioner availed a loan from the first respondent for the purchase of Tata Stage Carriage, SEMI Saloon Model 1999, vehicle under a loan agreement dated 25.10.2005. The total amount payable by the petitioner under the loan agreement was Rs. 8,40,000/- which was repayable in 48 monthly installments commencing from 01.12005. According to the first respondent, the petitioner committed default in the repayment of the loan. In view of the default, there arose disputes between the parties and the said dispute was referred to arbitration by the first respondent who appointed the second respondent as the sole arbitrator in accordance with the arbitration clause contained under the loan agreement. The Arbitrator acted upon the reference and passed Arbitral Award dated 10.05.2014 directing the petitioner to pay the first respondent a sum of Rs. 10,28,572/- together with interest and costs.

(3.) Aggrieved by the Arbitral Award 10.05.2014, the instant petition has been filed.