RAJESH P THAKKAR Vs. KOTAK MAHINDRA BANK LTD

JUDGEMENT

(1.) The Petitioner who is alleged to be a guarantor and director of the company i.e Prabhu Hira Ice and Cold Storage Ltd has challenged the Award dated 23 July 2008 by invoking Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act). By the Award, the liability is imposed in the following terms:

(2.) From the record, it is clear that the main borrower was Mr. Satyajit Thakkar, but after his death, his legal heirs were not brought on record. The Petitioner only contested the matter in his individual capacity and also as a Director of the company. As there was an arbitration agreement clause, the Arbitrator, based upon the claim Petition filed by the Respondent, issued notices. The Petitioner appeared before the Arbitrator and had also filed the written statement/defence to the claim raised by the Respondent. There are various issues raised in the defences which definitely require trial as contemplated under the Arbitration Act.

(3.) The Arbitrator has however, on the date of the Award as noted, passed the impugned Award by recording that none appeared for the Petitioner.