RAHISH KHAN Vs. HDB FINANCIAL SERVICES LIMITED

JUDGEMENT

(1.) The Petitioner, who is the Borrower, has come up with this Original Petition challenging the Arbitral Award dated 29.03.2014 passed by the Sole Arbitrator with reference to the dispute arising out of the Arbitration Agreement dated 31.05.2011.

(2.) According to the Petitioner, he availed loan from the 1st Respondent/Finance Company for a sum of Rs.19,75,000/- under Loan Agreement dated 31.05.2011 towards the purchase of a commercial vehicle Truck Ashok Leyland 3116, agreeing to pay the loan amount together with interest in 47 instalments of Rs.54,342/- per month. The 3rd Respondent herein stood as Guarantor to the said loan financed by the 1st Respondent to the Petitioner herein.

(3.) It is the case of the 1st Respondent/Finance Company that since the Petitioner committed default in payment of the monthly instalments, they issued notice to the Petitioner to make payment of the dues. As the Petitioner did not come forward to make the payment or settle the dispute, the 1st Respondent/Finance Company took over possession of the vehicle in question and the Account of the Petitioner was foreclosed.